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 $24.300 in exchange for Concord's machine. 2 Bateman Corp. offered a straight exchange for a similar machine with essentially the same value 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 $98,580 and also trade in its old machine 3. 4. Concord's equipment has a cost of $169,600, a netbook value of $116.600, and a tale value of 597.520. The following table shows the information needed to record the machine exchange between the companies Machine cost Accumulated depreciation-machinery Fair value Secord $127.200 47.700 73.140 Bateman 55,820 75.260 97.520 Shripad $169.600 29.500 106.000 Ansong $137 800 0 196.100 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. I 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 Account Titles and Explanation Debit Credit Transaction 3 Concord Corporation Account Titles and Explanation Debit Credit Shripad Company Account Titles and Explanation Debit Credit