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 $34,500. (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 $4,500 in addition to Buffalos 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 $139,500 in addition to trading in its old machine.

		Buffalo		Carla		Sarasota		Ivanhoe		Shamrock
Machine cost		$240,000		$180,000		$228,000		$240,000		$195,000
Accumulated depreciation		90,000		67,500		106,500		112,500		0
Fair value		138,000		103,500		138,000		142,500		277,500

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.)

No.	Account Titles and Explanation	Debit	Credit
1.	Buffalo Corporation
	Carla Company
2.	Buffalo Corporation
	Sarasota Company
3.	Buffalo Corporation
	Ivanhoe Company
4.	Buffalo Corporation
	Shamrock Company
	(To record exchange of inventory)
	(To record cost of inventory)