No. Account Titles and Explanation Debit Credit 1. Blue Corporation Kingbird Company 2. Elve Corporation Oriole Company 3. Blue Corporation Wildhorse Company (To record revenue) (To record cost of inventory) Blue Corporation wishes to exchange a machine used in its operations. Blue has received the following offers from other companies in the industry. 1. Kingbird Company offered to exchange a similar machine plus $33,120. (The exchange has commercial substance for both parties.) 2. Oriole Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Waterway Company offered to exchange a similar machine, but wanted $4,320 in addition to Blue's machine. (The exchange has commercial substance for both parties.) In addition, Blue contacted Wildhorse Corporation, a dealer in machines. To obtain a new machine, Blue must pay $133,920 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 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, List all debit entries before credit entries.)