Your answer is partially correct. Kingbird Corporation, which manufactures shoes hired a recent college graduate to work in its accounting department on the first day of work , the accountant was assigned to total a batch of invalces with the use of an adding machine. Before long, the accountant who had never before seen such a machine managed to break the machine. Kingbird Corporation gave the machine plus $435 to Oriole Business Machine Company ideater) in exchange for a new machine. Assume the following information about the machines Kingbird Corp, (Old Machine) Oriole Co (New Machine) Machine cost $371 $346 179 -O- Accumulated depreciation Fair value 109 544 For each company, prepare the necessary journal entry to record the exchange (The exchange has commercial substance. (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 for the amounts.) Debit Credit Account Tities and Explanation Kingbird Corporation Kingbird Corporation Machinery Accumulated Domeciation Machinery son unolot Machinery Machinery Oriole Business Machine Company Iratory Cast of Goods Sold Sales Revenu Into