Pearl Corporation wishes to exchange a machine used in its operations. Pearl has received the following offers from other companies in the industry 1. Martinez Company offered to exchange a similar machine plus $30,820. (The exchange has commercial substance for both parties.) 2. Sandhill Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Teal Company offered to exchange a similar machine, but wanted $4,020 in addition to Pearl's machine. (The exchange has commercial substance for both parties.) In addition, Pearl contacted Flint Corporation, a dealer in machines. To obtain a new machine, Pearl must pay $124,620 in addition to trading in its old machine Pearl Martinez Sandhill Flint Teal $160,800 60,300 92,460 $174,200 -0 $214,400 $214,400 100,500 Machine cost $203,680 95,140 Accumulated depreciation 80,400 Fair value 123,280 123,280 127,300 247,900 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 Pearl Corporation 1. Martinez Company 2. Pearl Corporation Sandhill Company Pearl Corporation 3. Teal Company 4. Pearl Corporation Flint Company (To record exchange of inventory) (To record cost of inventory)