Problem 10-8 Holyfield Corporation wishes to exchange a machine used in its operations. Holyfield has received the following offers from other companies in the industry Dorsett Company offered to exchange a similar machine plus $30,061(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 $3,921 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 $121,551 in addition to trading in its old machine. Holyfield Dorsett Winston Liston Greeley 209,120 $156,840 $198,664 $209,120 $169,910 Machine cost Accumulated depreciation 78,420 58,815 92,797 98,025 Fair value 120,244 90,183 120,244 124,165 241,795 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.) Debit Credit Date Account Titles and Explanation 1. Holyfield Corporation