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

1. Dorsett Company offered to exchange a similar machine plus $36,156. (The exchange has commercial substance for both parties.)

2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)

3. Liston Company offered to exchange a similar machine, but wanted $4,716 in addition to Holyfields machine. (The exchange has commercial substance for both parties.)

In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, Holyfield must pay $146,196 in addition to trading in its old machine.

Holyfield Dorsett Winston Liston Greeley

Machine cost $251,520 $188,640 $238,944 $251,520 $204,360

Accum dep 94,320 70,740 111,612 117,900 0

Fair value 144,624 108,468 144,624 149,340 290,820

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.)

Date Account Titles and Explanation Debit Credit

1. Holyfield Corporation Dorsett Company

2. Holyfield Corporation Winston Company

3. Holyfield Corporation Liston Company

4. Holyfield Corporation

Greeley Company

(To record exchange of inventory)

(To record cost of inventory)