Buffalo Corporation wishes to exchange a machine used in its operations. Buffalo has received the following offers from other companies in the industry 1. Carla Company offered to exchange a similar machine plus $29,900. (The exchange has commercial substance for both parties.) 2. Sarasota Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Ivanhoe Company offered to exchange a similar machine, but wanted $3,900 in addition to Buffalo's machine. (The exchange has commercial substance for both parties.) In addition, Buffalo contacted Shamrock Corporation, a dealer in machines. To obtain a new machine, Buffalo must pay $120,900 in addition to trading in its old machine. Buffalo 208,000 56,000 $197,600 $208,000 169,000 119,600 89,700 119,600 123,500 240,500 Carla Sarasota Ivanhoe Shamrock Machine cost Accumulated depreciation 78,000 58,500 92,300 97,500 Fair value 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, "No Entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and Explanation 1. Buffalo Corporation Carla Company 4. Buffalo Corporation Shamrock Company. (To record exchange of inventory) (To record cost of inventory)