Pio-8 (LO4) (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 $3,00o in addition to Holyfield's 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 ett Winston Liston Greeley $160,000 $120,000$152,000 $160,000 $130,000 Machine cost Accumulated depreciation60,000 45,000 71,00075,000-o- Fair value 92,00069,000 92,000 95,000185,o00 Instructions For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company