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 $35,719. (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 $4,659 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 $144,429 in addition to trading in its old machine.

		Holyfield		Dorsett		Winston		Liston		Greeley
Machine cost		$248,480		$186,360		$236,056		$248,480		$201,890
Accumulated depreciation		93,180		69,885		110,263		116,475		0
Fair value		142,876		107,157		142,876		147,535		287,305

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)