Business, 02.04.2021 20:10 kingteron6166
Sheridan Corporation wishes to exchange a machine used in its operations. Sheridan has received the following offers from other companies in the industry.
1. Skysong Company offered to exchange a similar machine plus $25,300. (The exchange has commercial substance for both parties.)
2. Concord Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3. Marigold Company offered to exchange a similar machine, but wanted $3,300 in addition to Sheridanâs machine. (The exchange has commercial substance for both parties.)
In addition, Sheridan contacted Swifty Corporation, a dealer in machines. To obtain a new machine, Sheridan must pay $102,300 in addition to trading in its old machine.
Sheridan Skysong Concord Marigold Swifty
Machine cost $176,000 $132,000 $167,200 $176,000 $143,000
Accumulated depreciation 66,000 49,500 78,100 82,500 â0â
Fair value 101,200 75,900 101,200 104,500 203,500
Required:
For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company
Answers: 2
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