Question: I got a 71/125 on this. please correct it Goodinan Company acquired a truck from Harmes Company in exchange for a machine. The exchange is

I got a 71/125 on this. please correct it

a truck from Harmes Company in exchange for a machine. The exchange

is determined to have commercial substance. The machine cost s30,000, has a

book value of $5,000, and has a market value of $8,500. The

truck has a cost of $12,000 and a book value of $8,000

Goodinan Company acquired a truck from Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cost s30,000, has a book value of $5,000, and has a market value of $8,500. The truck has a cost of $12,000 and a book value of $8,000 on Harmes' books. Goodman agreos to pay $500 to complete the oxchange. Aequired: Prepare joumal entries for Goodman and Harmes to record the exchange. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. General Journal Instructions All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. CHART OF ACCOUNTS Goodman and Harmes Company General Ledger Chart of Accounts 186Trucks198AccumulatedDepreciation:Machine199AccumulatedDepreciation:TrucksLIABILITIES211AccountsPayable231SalariesPayable250UnearnedRevenue261IncomeTaxesPayableEQUITY512UtilitiesExpense521SalariesExpense532BadDebtExpense540InterestExpense541DepreciationExpense559MiscellaneousExpenses892LossonExchange910IncomeTaxExpense

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