Business, 12.05.2020 16:57 AshantiLiz990

Carla 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. Carla Corporation gave the machine plus $422 to Sarasota Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.

Carla Corp. (Old Machine) Saratosa Co. (New Machine)
Machine cost $708 $660
Accumulated depreciation 342 0
Fair value 207 1,038

For each company, prepare the necessary journal entry to record the exchange.

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