E10.17 (LO 3) (Nonmonetary Exchange) Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the ac- countant 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 Cor- poration gave the machine plus $340 to Dick Tracy Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Machine cost Accumulated depreciation Fair value Busytown Corp. (Old Machine) Dick Tracy Co. (New Machine) $290 $270 140 -0- 85 425 Acquisition and Disposition of Property, Plant, and Equipment Instructions For each company, prepare the necessary journal entry to record the exchange. (The exchange has com- mercial substance.)