Alatorre Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On

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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.

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

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Related Book For  answer-question

Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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