s Problem 10-8 Flint Corporation wishes to exchange a machine used in its operations. Flint has received the following offers from other companies in the industry. 1. Buffalo Company offered to exchange a similar machine plus $31,280. (The exchange has commercial substance for both parties.) 2. Carla Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sarasota Company offered to exchange a similar machine, but wanted $4,080 in addition to Flint's machine. (The exchange has commercial substance for both parties.) In addition, Flint contacted Ivanhoe Corporation, a dealer in machines. To obtain a new machine, Flint must pay $126,480 in addition to trading in its old machine. Flint Buffalo Carla Sarasota Ivanhoe Machine cost $217,600 $ 163,200 $206,720 $217,600 $176,800 Accumulated depreciation 81,600 61,200 96,560 102,000 -D- Fair value 125,120 93,840 125,120 129,200 251,600 For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. (Credit account ttles are automatically inde is required, select "No Entry" for the account titles and enter o for the amounts.)