Culver Corporation wishes to exchange a machine used in its operations. Culver has received the following offers from other companies in the industry. 1. Larkspur Company offered to exchange a similar machine plus $29,900. (The exchange has commercial substance for both parties.) 2. Cullumber Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Riverbed Company offered to exchange a similar machine, but wanted $3,900 in addition to Culvers machine. (The exchange has commercial substance for both parties.) In addition, Culver contacted Marin Corporation, a dealer in machines. To obtain a new machine, Culver must pay $120,900 in addition to trading in its old machine. Culver Larkspur Cullumber Riverbed Marin Machine cost $208,000 $156,000 $197,600 $208,000 $169,000 Accumulated depreciation 78,000 58,500 92,300 97,500 0 Fair value 119,600 89,700 119,600 123,500 240,500

For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.