Question 10 of 10 -/4 Current Attempt in Progress Martinez Corporation wishes to exchange a machine used in its operations. Martinez has received the following offers from other companies in the industry 1. Sandhill Company offered to exchange a similar machine plus $34.040. (The exchange has commercial substance for both parties.) 2. Teal Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Flint Company offered to exchange a similar machine, but wanted $4.440 in addition to Martinez's machine. (The exchange has commercial substance for both parties.) In addition, Martinez contacted Buffalo Corporation, a dealer in machines. To obtain a new machine, Martinez must pay $137,640 in addition to trading in its old machine. Martinez Sandhill Teal Flint Buffalo Machine cost $236,800 $177,600 $224,960 $236,800 $192,400 Accumulated depreciation 88,800 66,600 105,080 111,000 -O- Fair value 136,160 102.120 136,160 140.600 273,800 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 Ofor the amounts.) Question 10 of 10 -/4 : NO. Account Tities and Explanation Debit Credit 1. Martinez Corporation Sandhill Company 2. Martinez Corporation 2. Martinez Corporation Teal Company 3. Martinez Corporation Flint Company 4. Martinez Corporation Buffalo Company Buffalo Company (To record exchange of inventory) (To record cost of inventory) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit