Problem 10-8 Sheffield Corporation wishes to exchange a machine used in its operations. Sheffield has received the following offers from other companies in the industry. 1. Tamarisk Company offered to exchange a similar machine plus $33,580. (The exchange has commercial substance for both parties.) 2. Vaughn Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Bramble Company offered to exchange a similar machine, but wanted $4,380 in addition to Sheffields machine. (The exchange has commercial substance for both parties.) In addition, Sheffield contacted Sunland Corporation, a dealer in machines. To obtain a new machine, Sheffield must pay $135,780 in addition to trading in its old machine. Sheffield Tamarisk Vaughn Bramble Sunland Machine cost $233,600 $175,200 $221,920 $233,600 $189,800 Accumulated depreciation 87,600 65,700 103,660 109,500 0 Fair value 134,320 100,740 134,320 138,700 270,100 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 1. Sheffield Corporation Tamarisk Company 2. Sheffield Corporation Vaughn Company 3. Sheffield Corporation Bramble Company 4. Sheffield Corporation Sunland Company (To record exchange of inventory)