5P10-8 (Nonmonetary Exchanges) Holyfield Corporation wishes to exchange a machine used in its opera- 1. Dorsett Company offered to exchange a similar machine plus $23,000. (The exchange has commer- 2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance 3. Liston Company offered to exchange a similar machine, but wanted $3,000 in addition to Holyfield's In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, tions. Holyfield has received the following offers from other companies in the industry cial substance for both parties.) for both parties.) machine. (The exchange has commercial substance for both parties.) Holyfield must pay $93,000 in addition to trading in its old machine Holyfield Dorsett Winstorn Liston Greeley $160,000 $120,000 $152,000 $160,000 $130,000 Machine cost Accumulated depreciation Fair value 60,000 45,000 71,000 75,000 92,000 69,000 92,000 95,000 185,000 Instructions For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company