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Can you write down the calculate process for me? I think again it should recognize partial gain, which is [15900/(15900+63600)] * 12720 = 2544, but they don't balance. Thank you!

Problem 10-09 (Part Level Submission) On August 1, Sheridan, Inc. exchanged productive assets with Skysong, Inc. Sheridan's asset is referred to below as "Asset A," and Skysong' is referred to as "Asset B." The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Sheridan, Inc. Cash received by Skysong, Inc. Asset A $101,760 42,400 63,600 15,900 Asset B $116,600 49,820 79,500 15,900 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Sheridan, Inc. and Skysong, Inc. in accordance with generally accepted accounting principles. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Sheridan, Inc.'s Books Machinery 79500 Accumulated Depreciation 42400 Gain on Disposal of Ma 4240 Cash 15900 101760 Machinery Skysong, Inc.'s Books Cash 15900 Accumulated Depreciation 49820 Machinery 63600 Gain on Disposal of Mac 12720 Machinery 116600 Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Sheridan, Inc. and Skysong, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to o decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Account Titles and Explanation Sheridan, Inc.'s Books Machinery 75260 TAccumulated Depreciation 42400 Cash 15900 Machinery 101760 Skysong, Inc.'s Books Cash 15900 X Machinery 63600 Accumulated Depreciation 48920 x Gain on Disposal of Mad 12720 Machinery 116600

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