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 $23,460. (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 $3,060 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 $94,860 in addition to trading in its old machine.

		Kingbird		Oriole		Waterway		Wildhorse		Sheffield
Machine cost		$163,200		$122,400		$155,040		$163,200		$132,600
Accumulated depreciation		61,200		45,900		72,420		76,500		0
Fair value		93,840		70,380		93,840		96,900		188,700

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
	Oriole Company
2.	Kingbird Corporation
	Waterway Company
3.	Kingbird Corporation
	Wildhorse Company
4.	Kingbird Corporation
	Sheffield Company
	(To record exchange of inventory)
	(To record cost of inventory)