P10-8 (Nonmonetary Exchanges) Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry.

1. Dorsett Company offered to exchange a similar machine plus $23,000. (The exchange has commercial substance for both parties.)

2. Winston Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)

3. Liston Company offered to exchange a similar machine, but wanted $3,000 in addition to Holyfields machine. (The exchange has commercial substance for both parties.)

In addition, Holyfield contacted Greeley Corporation, a dealer in machines. To obtain a new machine, Holyfield must pay $93,000 in addition to trading in its old machine.

	Holyfield	Dorsett	Winston	Liston	Greeley
Machine Cost	$160,000	$120,000	$152,000	$160,000	$130,000
Accumulated Depreciation	$60,000	$45,000	$71,000	$75,000	-0-
Fair Value	$92,000	$69,000	$92,000	$95,000	$185,000

For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.