Pina Corporation wishes to exchange a machine used in its operations. Pina has received the following offers from other companies in the industry. 1. Grouper Company offered to exchange a similar machine plus $28,060. (The exchange has commercial substance for both parties.) 2. Monty Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Flounder Company offered to exchange a similar machine, but wanted $3,660 in addition to Pinas machine. (The exchange has commercial substance for both parties.) In addition, Pina contacted Culver Corporation, a dealer in machines. To obtain a new machine, Pina must pay $113,460 in addition to trading in its old machine. Pina Grouper Monty Flounder Culver Machine cost $195,200 $146,400 $185,440 $195,200 $158,600 Accumulated depreciation 73,200 54,900 86,620 91,500 0 Fair value 112,240 84,180 112,240 115,900 225,700 For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company.