Novak Corporation wishes to exchange a machine used in its operations. Novak has received the following offers from other companies in the industry. 1. Splish Company offered to exchange a similar machine plus $26,680. (The exchange has commercial substance for both parties.) 2. Blossom Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Blue Company offered to exchange a similar machine, but wanted $3,480 in addition to Novak's machine. (The exchange has commercial substance for both parties.) In addition, Novak contacted Kingbird Corporation, a dealer in machines. To obtain a new machine, Novak must pay $107,880 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Novak Splish Blossom Blue Kingbird $185,600 $139,200 $176,320 $185,600 $150,800 69,600 52,200 82,360 87.000 - 106,720 80,040 106,720 110,200 214,600 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 for the amounts.) 1. Novak Corporation Splish Company 2. Novak Corporation Blossom Company 3. Novak Corporation Blue Company 4. Novak Corporation