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 $46,920. (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 $6,120 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 $189,720 in addition to trading in its old machine. Holyfield Dorsett Winston Liston Greeley Machine cost $326,400 $244,800 $310,080 $326,400 $265,200 Accumulated depreciation 122,400 91,800 144,840 153,000 0 Fair value 187,680 140,760 187,680 193,800 377,400 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.) 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 sales)