Accounting help

[ec437]

I know we have quite a few beancounters on the forum, and I could use some help on a problem or 2 every now and then if ya'll wouldn't mind giving me some input.

 

X Corporation wishes to exchange a machine used in its operations. X has received the following offers from other companies in the industry. 1. Company A offered to exchange a similar machine plus $23,000. (The exchange has commercial substance for both parties.) 2. Company B offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Company C offered to exchange a similar machine, but wanted $8,000 in addition to X's machine. (The exchange has commercial substance for both parties.) In addition, X contacted D Corporation, a dealer in machines. To obtain a new machine, X must pay $93,000 in addition to trading in its old machine. Instructions For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (Round to nearest dollar.)

 

I also have the machine cost, accumulated depreciation, and fair value of the machines being offered by each company, as well as that of X Corp.

 

I know all the rules regarding when you recognize gains and losses with regards to commercial substance and whatnot (), but I don't know what to past calculating the book value of each machine.

 

Help?

[ec437]

Hmm, so if anyone actually feels like helping...

 

on the first scenario I've got this so far

 

*edit, nevermind*

[82Daion]

I'm only in accounting 101, so I'm useless, but I'll give you a bump.