Blossom Corporation wishes to exchange a machine used in its operations. Blossom has received the following offers from other companies in the industry. 1. 2 Blue Company offered to exchange a similar machine plus $32,660. (The exchange has commercial substance for both parties.) Kingbird Company offered to exchange a similar machine. The exchange lacks commercial substance for both parties) Oriole Company offered to exchange a similar machine, but wanted $4.260 in addition to Blossom's machine. (The exchange has commercial substance for both parties.) 3. In addition, Blossom contacted Waterway Corporation, a dealer in machines. To obtain a new machine, Blossom must pay $132,060 in addition to trading in its old machine. Blossom Blue Kingbird Oriole Waterway Machine cost $227.200 $170,400 $215,840 $227.200 $184,600 In addition, Blossom contacted Waterway Corporation, a dealer in machines. To obtain a new machine, Blossom must pay $132.060 in addition to trading in its old machine. Blossom Blue Kingbird Oriole Waterway Machine cost $227,200 $170.400 $215,840 $227.200 $184,600 Accumulated depreciation 85.200 63,900 100,820 106,500 -0- Fair value 130,640 97.980 130,640 134.900 262.700 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 1. Blossom Corporation 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) No. Account Titles and Explanation Blossom Corporation Debit Credit 1. Blue Company Blue Company 2. Blossom Corporation 2 Blossom Corporation Kingbird Company 3. Blossom Corporation 3. Blossom Corporation Oriole Company Oriole Company 4 Blossom Corporation 4. Blossom Corporation Waterway Company Waterway Company (To record exchange of inventory) (To record cost of inventory) e Textbook and Media