Carla Corporation wishes to exchange a machine used in its operations. Carla has received the following offers from other companies in the industry. 1. Sarasota Company offered to exchange a similar machine plus $26,680. (The exchange has commercial substance for both parties.) 2. Ivanhoe Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Shamrock Company offered to exchange a similar machine, but wanted $3,480 in addition to Carlas machine. (The exchange has commercial substance for both parties.) In addition, Carla contacted Bridgeport Corporation, a dealer in machines. To obtain a new machine, Carla must pay $107,880 in addition to trading in its old machine. Carla Sarasota Ivanhoe Shamrock Bridgeport Machine cost $185,600 $139,200 $176,320 $185,600 $150,800 Accumulated depreciation 69,600 52,200 82,360 87,000 0 Fair value 106,720 80,040 106,720 110,200 214,600 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. Carla Corporation Sarasota Company 2. Carla Corporation Ivanhoe Company 3. Carla Corporation Shamrock Company 4. Carla Corporation Bridgeport Company (To record exchange of inventory) (To record cost of inventory) eTextbook and Media