Question: Current Attempt in Progress During the current year, Swifty Construction Ltd . traded an old crane that had a book value of $ 1 0

Current Attempt in Progress During the current year, Swifty Construction Ltd

.

traded an old crane that had a book value of $

102, 600 (

original cost $

159, 600

less accumulated depreciation $

57, 000)

for a new crane from Nash Manufacturing Inc. The new crane cost Nash $

188, 100

to manufacture and is classified as inventory. The following information is also available. Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of

(1)

Swifty Construction and

(2)

Nash Manufacturing.

(

Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select

"

No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.

)

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