Question: Use the same information as in E10-11, except that the machine has a market value of $8,500, and therefore the Goodman Company agrees to pay

Use the same information as in E10-11, except that the machine has a market value of $8,500, and therefore the Goodman Company agrees to pay $500 to complete the exchange.

Required
Prepare journal entries for the Goodman Company and the Harmes Company to record the exchange.

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