Crane Corporation wishes to exchange a machine used in its operations. Crane has received the following offers from other companies in the industry.

1.		Cheyenne Company offered to exchange a similar machine plus $28,520. (The exchange has commercial substance for both parties.)
2.		Ayayai Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Pina Company offered to exchange a similar machine, but wanted $3,720 in addition to Cranes machine. (The exchange has commercial substance for both parties.)

In addition, Crane contacted Grouper Corporation, a dealer in machines. To obtain a new machine, Crane must pay $115,320 in addition to trading in its old machine.

		Crane		Cheyenne		Ayayai		Pina		Grouper
Machine cost		$198,400		$148,800		$188,480		$198,400		$161,200
Accumulated depreciation		74,400		55,800		88,040		93,000		0
Fair value		114,080		85,560		114,080		117,800		229,400

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.	Crane Corporation
	Cheyenne Company
2.	Crane Corporation
	Ayayai Company
3.	Crane Corporation
	Pina Company
4.	Crane Corporation
	Grouper Company
	(To record exchange of inventory)
	(To record cost of inventory)