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 $25,300. (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 $3,300 in addition to Metlocks machine. (The exchange has commercial substance for both parties.)

In addition, Metlock contacted Skysong Corporation, a dealer in machines. To obtain a new machine, Metlock must pay $102,300 in addition to trading in its old machine.

		Metlock		Bonita		Windsor		Sheridan		Skysong
Machine cost		$176,000		$132,000		$167,200		$176,000		$143,000
Accumulated depreciation		66,000		49,500		78,100		82,500		0
Fair value		101,200		75,900		101,200		104,500		203,500

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.	Metlock Corporation
	Bonita Company
2.	Metlock Corporation
	Windsor Company
3.	Metlock Corporation
	Sheridan Company
4.	Metlock Corporation
	Skysong Company
	(To record exchange of inventory)
	(To record cost of inventory)