Current Attempt in Progress During the current year, Concord Construction Ltd. traded in two relatively new small cranes (cranes no. 6RT and 579) for a larger crane that Concord expects will be more useful for the particular contracts that the company has to fulfill over the next couple of years. The new crane is acquired from Riverbed Manufacturing Inc, which has agreed to take the smaller equipment as trade-ins and also pay $19,000 cash to Concord. The new crane cost Riverbed $165,500 to manufacture and is classified as inventory. The following information is available: Concord Riverbed Cost of crane #6RT $124,000 Cost of crane #579 117,000 11,000 Accumulated depreciation, #6RT Accumulated depreciation, #579 14,000 Fair value, #6RT 127,000 Fair value, #579 87,500 Fair value of new crane $195,500 19,000 Cash paid Cash received 19,000 Assume that this exchange has commercial substance. Prepare the journal entries on the books of (1) Concord Construction and (2) Riverbed Manufacturing. Riverbed uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Concord Construction Debit Account Titles and Explanation Credit Accumulated Depreciation - Equipment (Crane #6RT) Cash Equipment (New) Equipment (Crane #6RT) Gain on sale of Equipment Accounts Receivable Equipment (Crane #579) Sales Revenue Inventory (Used) Loss on Disposal of Equipment Cost of Goods Sold No Entry Accounts Payable Accumulated Depreciation - Equipment (Crane #6RT) Inventory Accumulated Depreciation - Equipment (Crane #579) Riverbed Manufacturing Account Titles and Explanation Debit Credit (To record sale with trade-in) (To record cost of goods sold) Assume that this exchange has commercial substance. Prepare the journal entries on the books of (1) Concord Construction and (2) Riverbed Manufacturing. Riverbed uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Concord Construction Debit Account Titles and Explanation Credit Accumulated Depreciation - Equipment (Crane #6RT) Accumulated Depreciation - Equipment (Crane #579) Equipment (Crane #6RT) Cash Loss on Disposal of Equipment V Riverbed Manufacturing Account Titles and Explanation Debit Credit > >