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Vaughn Company exchanged machinery with an appraised value of $3,519,500. a recorded cost of $5,435,000 and accumulated depreciation of $2,717,500 with Tamarisk Corporation for machinery

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Vaughn Company exchanged machinery with an appraised value of $3,519,500. a recorded cost of $5,435,000 and accumulated depreciation of $2,717,500 with Tamarisk Corporation for machinery Tamarisk owns. The machinery has an appraised value of $3,378,500, a recorded cost of $6,410,000, and accumulated depreciation of $3,525,500. Tamarisk also gave Vaughn $141,000 in the exchange. Assume depreciation has already been updated. (a) Prepare the entries on both companies' books assuming that the exchange had commercial substance. (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 occount titles and enter 0 for the amounts. List all debit entries before credit entries. Record joumal entries in the order presented in the problem.) Tamarisk Account Titles and Explanation Debit Credit

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