1. Stellar Corporation wishes to exchange a machine used in its operations. Stellar has received the following offers from other companies in the industry. Pearl Company offered to exchange a similar machine plus $ 24,380. (The exchange has commercial substance for both parties.) 2 Martinez Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) Sandhill Company offered to exchange a similar machine, but wanted $3,180 in addition to Stellar's machine (The exchange has commercial substance for both parties.) 3. In addition, Stellar contacted Teal Corporation, a dealer in machines. To obtain a new machine, Stellar must pay $ 98,580 in addition to trading in its old machine Stellar Pearl Martinez Sandhill Teal $ 169,600 $ 127,200 $ 161, 120 $ 169,600 $137.800 Machine cost Accumulated depreciation 63.600 47,700 75.260 79.500 -0- Fair value 97.520 73,140 97.520 100,700 196,100 For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (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 for the amounts) Debit Credit No. Account Titles and Explanation Stellar Corporation 1. Question 8 of 8 -12 Pearl Company 2. Stellar Comoration Martinez Company Sandhill Company 4. Stellar Cornoration Teal Company (To record exchange of inventory) (To record cost of inventory)