Current Attempt in Progress Bridgeport Corporation wishes to exchange a machine used in its operations. Bridgeport has received the following offers from other companies in the industry. 1. Indigo Company offered to exchange a similar machine plus $31,280. (The exchange has commercial substance for both parties.) 2. Sweet Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Pharoah Company offered to exchange a similar machine, but wanted $4,080 in addition to Bridgeport's machine. (The exchange has commercial substance for both parties.) In addition, Bridgeport contacted Novak Corporation, a dealer in machines. To obtain a new machine, Bridgeport must pay $126,480 in addition to trading in its old machine. Bridgeport Indigo Sweet Pharoah Novak Machine cost $217,600 $163,200 $206,720 $217,600 $176,800 Accumulated depreciation 81,600 61,200 96,560 102,000 -0- Fair value 125,120 93,840 125,120 129,200 251,600 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 O for the amounts.)