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 $779 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	$664	$619
Accumulated Depreciation	$321	-0-
Fair Value	$195	$974

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

Busytown Corporation

Account titles & Explanation	Debit	Credit

Dick Tracy Business Machine Company

Account Titles & Explanation	Debit	Credit