*Problem 10 – 8 ( Part Level Submission ) The production manager of Swifty Corporation wants to acquire a different brand of machine by exchanging…

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*Problem 10 – 8 ( Part Level Submission )The production manager of Swifty Corporation wants to acquire a different brand of machine by exchanging the machine that it currently uses in operations for the brand of equipment that others in the industry are using . Thereceived the following offers from other companies :`Secord Corp . offered to give Swifty a similar machine plus $7 , 590 in exchange for Swifty’s machine .Bateman Corp . offered a straight exchange for a similar machine with essentially the same value in use .3 .Shripad Corp . offered to exchange a similar machine with the same value in use , but wanted $ 2 , 640 cash in addition to Swifty’s machine ."4 . The production manager has also contacted Ansong Corporation , a dealer in machines . To obtain a new machine from Ansong , Swifty would have to pay $ 30 , 590 and also trade in its old machine .Swifty’s machinery has a cost of $ 52 , 800 , a net book value of $36 , 300 , and a fair value of $30 , 360 . The Following table shows the information needed to record the machine exchange between the companies :SecordBateman*ShripadAnsongMachine cost$39, 600$48, 510$52, 800542, 900Accumulated depreciation – machinery"14 , 8:5023, 43024, 750Fair value22, 77030, 35033, 00061 , 050* ( 2 )[ ` Your answer is partially correct . Try again ."For each of the four independent situations , assume that Swifty accepts the offer . Prepare the journal entries to record the exchange on the books of each company . Assume that transactions 2 and 3 lack commercial substance for*Bateman Company and Shripad Company respectively . ( Credit account titles are automatically indented when the amount is entered . Do not indent manually . If no entry is required , select " No Entry " for theaccount titles and enter O For the amounts . )