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

1.		Oriole Company offered to exchange a similar machine plus $35,700. (The exchange has commercial substance for both parties.)
2.		Waterway Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Wildhorse Company offered to exchange a similar machine, but wanted $11,220 in addition to Kingbirds machine. (The exchange has commercial substance for both parties.)

In addition, Kingbird contacted Sheffield Corporation, a dealer in machines. To obtain a new machine, Kingbird must pay $51,000 in addition to trading in its old machine.

		Kingbird		Oriole		Waterway		Wildhorse		Sheffield
Machine cost		$204,000		$163,200		$134,640		$244,800		$102,000
Accumulated depreciation		76,500		81,600		46,920		142,800		0
Fair value		112,200		76,500		112,200		123,420		163,200

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.)

No.	Account Titles and Explanation	Debit	Credit
1.	Kingbird Corporation
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	Oriole Company
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
2.	Kingbird Corporation
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	Waterway Company
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
3.	Kingbird Corporation
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	Wildhorse Company
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
4.	Kingbird Corporation
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	Sheffield Company
	enter an account title to record exchange of inventory	enter a debit amount	enter a credit amount
	enter an account title to record exchange of inventory	enter a debit amount	enter a credit amount
	enter an account title to record exchange of inventory	enter a debit amount	enter a credit amount
	(To record exchange of inventory)
	enter an account title to record cost of inventory	enter a debit amount	enter a credit amount
	enter an account title to record cost of inventory	enter a debit amount	enter a credit amount
	(To record cost of inventory)