Flounder Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant 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. Flounder Corporation gave the machine plus $401 to Culver Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines, Flounder Corp. (Old Machine) $342 Culver Co. (New Machine) $319 Machine cost Accumulated depreciation Fair value 165 -0- 101 502 For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (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.) Debit Credit Account Titles and Explanation Flounder Corporation Account Titles and Explanation Debit Credit Flounder Corporation Culver Business Machine Company