Sherry Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department On the first day of work, the accountant was assigned to a total batch of invoices with the use of an adding machine Before long, the accountant, who had never before seen such a machine, managed to break the machine Sherry Corporation gave the machine plus $388 to Sky Business Machine Company (dealer) in exchange for a new machine Assume the following information about the mahines Sherry Corp (old machine) Sky Corp (new machine) machine cost $331 $308 accumulated depreciation 160 0 fair value 97 485 For each company, prepare the necessary journal entry to record the exchange (the exchange has commercial substance) (if not entry is required, select 'no entry' and enter 0 for the amounts) Please show your work and complete the journal entries for each company Clearly label each one This is the second time I ask for help on this question the last person did not answer well Please use titles from the list below Do not make up your own Accounts Payable Accumulated Depreciation Buildings Accumulated Depreciation Equipment Accumulated Depreciation Machinery Accumulated Depreciation Trucks Buildings Cash Computers Common Stock Contribution Expense Contribution Revenue Cost of Goods Sold Depreciation Expense Direct Labor Discount on Notes Payable Equipment Factory Overhead Forklift Furniture Gain on Disposal of Buildings Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Trucks Gain on Disposal of Plant Assets Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Land Improvements Loss on Disposal of Buildings Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Trucks Machinery Maintenance and Repairs Expense Materials No Entry Notes Payable Organization Expense Paid in Capital in Excess of Par Common Stock Prepaid Insurance Retained Earnings Salaries and Wages Expense Sales Revenue Trading Securities Trucks

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Sherry Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was

Sherry Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to a total batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Sherry Corporation gave the machine plus $388 to Sky Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the mahines.

	Sherry Corp. (old machine)	Sky Corp. (new machine)
machine cost	$331	$308
accumulated depreciation	160	-0-
fair value	97	485

For each company, prepare the necessary journal entry to record the exchange. (the exchange has commercial substance). (if not entry is required, select 'no entry' and enter 0 for the amounts).

*Please show your work and complete the journal entries for each company. Clearly label each one. This is the second time I ask for help on this question the last person did not answer well. Please use titles from the list below. Do not make up your own.