Sunland 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 invoices with the use of an adding machine.Before long, the accountant, who had never before seen such a machine, managed to break the machine. SunlandCorporation gave the machine plus $428 to Coronado Business Machine Company (dealer) in exchange for a newmachine. Assume the following information about the machines.Machine costAccumulated depreciationFair valueSunlandCorp.(OldMachine)$365Account Titles and ExplanationSunland Corporation176Coronado Business Machine Company.108Coronado Co.(NewMachine)$340-0-For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercialsubstance.) (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry for the account titles and enter 0 for theamounts. List all debit entries before credit entries.)536DebitCreditIII17

Solutions:-Preparation of journal entry to record the exchange as follows under:-In the books of…

Answered: first day of work, the ac long, the…

Business

Accounting

first day of work, the ac long, the accountant, wh ation gave the machine e. Assume the following

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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