(Answered) Question - alatorre corporation which manufactures shoes

Accounting

Question - Alatorre 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. Alatorre Corporation gave the machine plus $320 to Mills Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.

Alatorre Corp.

(Old Machine) Mills Co.

(New Machine)

Machine cost $290 $270

Accumulated depreciation 140 -0-

Fair value 85 405

For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.)

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