Question: Current Attempt in Progress During the current year, Wildhorse Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less

Current Attempt in Progress During the current year, Wildhorse Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less accumulated depreciation $68,000) for a new crane from Sheffield Manufacturing Co. The new crane cost Sheffield $224,400 to manufacture and is classified as inventory. The following information is also available. Fair value of old crane Fair value of new crane Cash paid Cash received Wildhorse Const. Sheffield Mfg.Co. $111,520 160,480 $272,00 160,480

$190,400 less accumulated depreciation $68,000) for a new crane from Sheffield Manufacturing

Assuming that this exchange lacks commercial substance for Wildhorse, prepure the joumal entries on the books of (1) Wildhorse Construction and (2) Shetfield Manufacturing. (Credit occount Ulifes ore outomotically indented when amount is entered. Do not indent manually. M no entry is required, select "No Entry' for the occount tilles and enter Ofor the amounts. Ust all debit endries belore credil entries.) 2. Sheffield Manufacturing Equipment Accumulated Depreciation - Equipment Loss on Disposal of Equipment (To record exchange of inventory) Cash Equlpenent (To recond cost of inventory) During, the current year, Widhorse Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less accumulated depreciation $68,000 ) for a new crane from Sheffield Manufacturing Ca. The new crane cost Sheffield $224,400 to manufacture and is classiffed as inventory. The following information is also available

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