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ng the current year, Wildhorse Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less mulated depreciation $68,000 ) for a new crane from Sheffield Manufacturing Co. The new crane cost Sheffield $224,400 to ufacture and is classified as inventory. The following information is also available. Assuming the same facts as those in (b), except that the fair value of the old crane is $131,920 and the cash paid $140,080, prepare the journal entries on the books of (1) Wildhorse Construction and (2) Sheffield Manufacturing. (Creditoccount titles ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tittes and enter 0 for the amounts. List all debit entries before credit entries.) 2. Sheffield Manufacturing (To record exchange of inventory) (To record cost of inventory) ng the current year, Wildhorse Construction trades an old crane that has a book value of $122,400 (original cost $190,400 less mulated depreciation $68,000 ) for a new crane from Sheffield Manufacturing Co. The new crane cost Sheffield $224,400 to ufacture and is classified as inventory. The following information is also available. Assuming the same facts as those in (b), except that the fair value of the old crane is $131,920 and the cash paid $140,080, prepare the journal entries on the books of (1) Wildhorse Construction and (2) Sheffield Manufacturing. (Creditoccount titles ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tittes and enter 0 for the amounts. List all debit entries before credit entries.) 2. Sheffield Manufacturing (To record exchange of inventory) (To record cost of inventory)

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