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San Diego State University Operations And Supply Chain Management Assignment Help - outstanding

Question - McKeon Machine Company has outstanding a $210,000 note payable to Tejon Investment
Corporation. Because of financial difficulties, McKeon negotiates with Tejon to exchange inventory of
machine parts to satisfy the debt. The cost of the inventory transferred is carried on McKeon’s books
at $160,000. The estimated retail value of the inventory is $195,000. McKeon uses a perpetual
inventory system. Prepare journal entries for the exchange on the books of McKeon Machine
Company according to the requirements of FASB Statement No. 15.

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