Ayayai Corporation wishes to exchange a machine used in its operations. Ayayai has received the following offers from other companies in the industry.

1.		Pina Company offered to exchange a similar machine plus $26,680. (The exchange has commercial substance for both parties.)
2.		Grouper Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Monty Company offered to exchange a similar machine, but wanted $3,480 in addition to Ayayais machine. (The exchange has commercial substance for both parties.)

In addition, Ayayai contacted Flounder Corporation, a dealer in machines. To obtain a new machine, Ayayai must pay $107,880 in addition to trading in its old machine.

		Ayayai		Pina		Grouper		Monty		Flounder
Machine cost		$185,600		$139,200		$176,320		$185,600		$150,800
Accumulated depreciation		69,600		52,200		82,360		87,000		0
Fair value		106,720		80,040		106,720		110,200		214,600

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 0 for the amounts.)

Debit Credit No. Account Titles and Explanation 1. Ayayai Corporation Pina Company 2. Ayayai Corporation Grouper Company 3. Ayayai Corporation Monty Company Ayayai Corporation Flounder Company (To record exchange of inventory) (To record cost of inventory)