Shamrock Corporation wishes to exchange a machine used in its operations. Shamrock has received the following offers from other companies in the industry. 1. Bridgeport Company offered to exchange a similar machine plus $34,040. (The exchange has commercial substance for both parties.) 2. Indigo Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sweet Company offered to exchange a similar machine, but wanted $4,440 in addition to Shamrock's machine. (The exchange has commercial substance for both parties.) In addition, Shamrock contacted Pharoah Corporation, a dealer in machines. To obtain a new machine, Shamrock must pay $137,640 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Shamrock $236,800 88,800 136,160 Bridgeport $177,600 66,600 102,120 Indigo $224,960 105,080 136,160 Sweet $236,800 111,000 140,600 Pharoah $192,400 -0- 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 Debit Credit No. Account Titles and Explanation 1. Shamrock Corporation Bridgeport Company 2. Shamrock Corporation Indigo Company. 3. Shamrock Corporation Sweet Company 4. Shamrock Corporation 4. Shamrock Corporation Pharoah Company. (To record exchange of inventory) (To record cost of inventory)