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Concord Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting...

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Accounting

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Concord Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Concord Corporation gave the machine plus $374 to Marigold Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Machinery Accumulated Depreciation-Machinery Loss on Disposal of Machinery Machinery Cash Marigold Business Machine Company Cash Inventory Cost of Goods Sold Sales Revenue Inventory

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