Metlock		Bonita		Windsor		Sheridan		Skysong
Machine Cost		$192,000		$144,000		$182,400		$192,000		$156,000
Accumulated Depreciation		72,000		54,000		85,200		90,000		0
Fair Value		110,400		82,800		110,400		114,000		222,000

Metlock Corporation wishes to exchange a machine used in its operations. Metlock has received the following offers from other companies in the industry.
1		Bonita Company offered to exchange a similar machine plus $27,600. (The exchange has commercial substance for both parties.)
2		Windsor Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3		Sheridan Company offered to exchange a similar machine, but wanted $3,600 in additionto Metlock's machines. (The exchange has commercial substance for both parties.)
In addition, Metlock contacted Skysong Corporation, a dealer in machines. To obtain new machines, Metlock must pay $111,600 in addition to trading in its old machine.
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 indeted when amount is entered. Do not indent manually. If not entry is required, select "No Entry for the account titles and enter "0" for the amounts. List all debit entries before credit entries.)
No.	Account Titles and Explanation		Debit		Credit
1	Metlock Corporation
Bonita Company
2	Metlock Corporation
Windsor Company
3	Metlock Corporation
Sheridan Company
4		Metlock Corporation
Sky Song Company
To Record Revenue
To Record Cost of Inventory