Your answer is partially correct. Concord Corporation wishes to exchange a machine used in its operations. Concord has received the following offers from othe companies in the industry. 1. 2. Marigold Company offered to exchange a similar machine plus $33,120. (The exchange has commercial substance for bo parties.) Swifty Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) Nash Company offered to exchange a similar machine, but wanted $4,320 in addition to Concord's machine. (The exchang has commercial substance for both parties.) 3. In addition, Concord contacted Crane Corporation, a dealer in machines. To obtain a new machine, Concord must pay $133,920 in addition to trading in its old machine. In addition, Concord contacted Crane Corporation, a dealer in machines. To obtain a new machine, Concord must pay $133,920 in addition to trading in its old machine. Concord Marigold Swifty Nash Crane Machine cost $230,400 $172,800 $218,880 $230,400 $187.200 Accumulated depreciation 86,400 64,800 102,240 108,000 -0- Fair value 132,480 99,360 132.480 136,800 266,400 Debit No. Account Titles and Explanation 1. Concord Corporation Credit Cash 3.3120 Machinery 99,360 Accumulated Depreciation Machinery 86,400 Lots on Disposal of Machinery 11.520 Machinery 230.400 MAY Machinery 132.480 Accumulated Depreciation Machinery 64.800 Loss on Disposal of Machinery 8,640 Cash 33.120 Machinery 172800 2. Concord Corporation 2. Concord Corporation Machinery 132.480 Accumulated Depreciation Machinery 86,400 Loss on Disposal of Machinery 11,520 Machinery 230,400 Swift Comnam !! Swifty Company Machinery 116.640 Accumulated Depreciation Machinery 102.240 Machinery 218 880 3. Concord Corporation Machinery 136,800 Accumulated Depreciation Machinery 86,400 Loss on Disposal of Machinery 11.520 Machinery 230.400 Cash 4320 REBORN Nash Company Machinery 132.480 Accumulated Depreciation Machinery 108,000 Cash 4,320 Machinery 230,400 Gain on Disposal of Machinery 14.400 Concord Corporation Machinery 266,400 Accumulated Depreciation Machinery 86,400 Loss on Disposal of Machinery 11.520 Machinery 230,400 183.920 Crane Company Cash 133.920 Inventory 132.480 Sales Revenue 187,200 (To record exchange of inventory) Cost of Goods Sold 266,400 Inventory 187,200 (To record cost of inventory)