Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Busytown Corporation gave the machine plus $479 to Dick Tracy Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines.

		Busytown Corp. (Old Machine)			Dick Tracy Co. (New Machine)
Machine cost		$408			$380
Accumulated depreciation		197			0
Fair value		119			598

For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.)