Skysong Corporation wishes to exchange a machine used in its operations. Skysong has received the following offers from other

companies in the industry.

Concord Company offered to exchange a similar machine plus $$25,760.($The exchange has commercial substance for both

parties.$)$

Marigold Company offered to exchange a similar machine. $($The exchange lacks commercial substance for both parties.$)$

Swifty Company offered to exchange a similar machine, but wanted $$3,360$ in addition to Skysong's machine. $($The exchange

has commercial substance for both parties.$)$

In addition, Skysong contacted Nash Corporation, a dealer in machines. To obtain a new machine, Skysong must pay $$104,160$ in

addition to trading in its old machine.

For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. $($Credit

account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

Credit

Skysong Corporation

Concord Company

Skysong Corporation

Marigold Company.

Skysong Corporation