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Pharoah Corporation wishes to exchange a machine used in its operations. Pharoah has received the following offers from other companies in the industry. 1. Novak Company offered to exchange a similar machine plus $29,900. (The exchange has commercial substance for both parties.) 2. Splish Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Blossom Company offered to exchange a similar machine, but wanted $3.900 in addition to Pharoah's machine. (The exchange has commercial substance for both parties.) In addition, Pharoah contacted Blue Corporation, a dealer in machines. To obtain a new machine, Pharoah must pay $120,900 in addition to trading in its old machine. Pharoah Novak Splish Blossom Blue Machine cost $208.000 $156,000 $197.600 $208.000 $169.000 Accumulated depreciation 78,000 58,500 92.300 97.500 -0- Fair value 119,600 89,700 119,600 123.500 240.500 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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Pharoah Corporation Machinery 89700 Accumulated Depreciation-Machinery Loss on Disposal of Machinery Cash 29900 Machinery 208000 Novak Company TONIA Machinery Accumulated Depreciation-Machinery Loss on Disposal of Machinery Cash Machinery 2. Pharoah Corporation Machinery Accumulated Depreciation Machinery Loss on Disposal of Machinery Machinery Splish Company Machinery Accumulated Depreciation Machinery Machinery 3. Pharoah Corporation Machinery Accumulated Depreciation Machinery Loss on Disposal of Machinery Cash Machinery Blossom Company Machinery Accumulated Depreciation Machinery UOLI Cash Gain on Disposal of Machinery Machinery 4. Pharoah Corporation Machinery Accumulated Depreciation Machinery Loss on Disposal of Machinery Cash Machinery Blue Company Cash Inventory Sales Revenue DILE ILI (To record exchange of inventory) Cost of Goods Sold Inventory (To record cost of inventory)