The production manager of Concord Corporation wants to acquire a different brand of machine by exchanging the machine that it currently uses in operations for the brand of equipment that others in the industry are using. The brand being used by other companies is more comfortable for the operators because it has different attachments that allow the operators to adjust the controls for a variety of arm and hand positions. The production manager has received the following offers from other companies Secord Corp. offered to give Concord a similar machine plus $24,380 in exchange for Concord's m s machine. Bateman Corp. offered a straight exchange for a similar machine with essentially the same Talue in use. Shripad Corp. offered to exchange a similar machine with the same value in use, but wanted $8,480 cash in addition to Concord's machine. Assume that the exchange is nonmonetary and lacks commercial substance, The production manager has also contacted Ansong Corporation a dealer in machines. To obtain a new machine from Ansong Concord would have to pay 598,580 and also trade in its old machine, 1. UN 4. Concord's equipment has a cost of $169,600 #net book value of $116,600, and a fair value of 597520. The following table shows the information needed to record the machine exchange between the companies Secord $127.200 47.700 73.140 Ansong $137.800 Machine cost Accumulated depreciation-machinery Enir value Bateman $155.820 95.260 97:520 Shripad $169.600 79,500 106,000 196,100 There will be scenarios or situations where different entries would be appropriate. Prepare the journal entries for transactions 2 and 3 assuming that they have commercial substance for Bateman Company and Shripad Company respectively. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Transaction 2 Concord Corporation Account Titles and Explanation Debit Credit Bateman Company Debit Credit Account Titles and Explanation 1 Transaction 3 Concord Corporation Account Titles and Explanation Debit Credit Shripad Company Account Titles and Explanation Debit Credit