Question: During the current year, Buffalo Construction trades an old crane that has a book value of $117,000 (original cost $182,000 less accumulated depreciation $65,000) for

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During the current year, Buffalo Construction trades an old crane that has a book value of $117,000 (original cost $182,000 less accumulated depreciation $65,000) for a new crane from Carla Manufacturing Co. The new crane cost Carla $214,500 to manufacture and is classified as inventory. The following information is also available. (Could you please show how you solve as well, not just the answers! Thanks!

Buffalo Const. Carla Mfg. Co.

If we assume this exchange is considered to have commercial substance, what are the journal entries on the books of (1) Buffalo Construction and (2) Carla Manufacturing.

If we assume this exchange lacks commercial substance for Buffalo, what are the journal entries on the books of (1) Buffalo Construction and (2) Carla Manufacturing.

If we assume this exchange is considered to have commercial substance except that the fair value of the old crane is $127,400 and the cash paid is $132,600, what would the journal entries on the books of (1) Buffalo Construction and (2) Carla Manufacturing.

If we assume this exchange lacks commercial substance for Buffalo, except that the fair value of the old crane is $126,100 and the cash paid $133,900, what would the the journal entries on the books of (1) Buffalo Construction and (2) Carla Manufacturing.

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Fair value of old crane

Fair value of new crane

Cash received

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