Sweet Corporation wishes to exchange a machine used in its operations. Sweet has received the following offers from other companies in the industry. 1. 2. 3. Pharoah Company offered to exchange a similar machine plus $25,300. (The exchange has commercial substance for both parties.) Novak Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) Splish Company offered to exchange a similar machine, but wanted $3,300 in addition to Sweet's machine. (The exchange has commercial substance for both parties.) In addition, Sweet contacted Blossom Corporation, a dealer in machines. To obtain a new machine, Sweet must pay $102,300 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Sweet $176,000 66,000 101,200 Pharoah $132.000 49,500 75,900 Novak $167,200 78,100 101,200 Splish $176,000 82,500 104,500 Blossom $143,000 -0- 203,500 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.) No. Account Titles and Explanation Debit Credit 1. Sweet Corporation Pharoah Company 2. 2. Sweet Corporation Novak Company 3. Sweet Corporation Splish Company. 4. Sweet Corporation Blossom Company (To record exchange of inventory) (To record cost of inventory) Sweet Corporation wishes to exchange a machine used in its operations. Sweet has received the following offers from other companies in the industry. 1. 2. 3. Pharoah Company offered to exchange a similar machine plus $25,300. (The exchange has commercial substance for both parties.) Novak Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) Splish Company offered to exchange a similar machine, but wanted $3,300 in addition to Sweet's machine. (The exchange has commercial substance for both parties.) In addition, Sweet contacted Blossom Corporation, a dealer in machines. To obtain a new machine, Sweet must pay $102,300 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Sweet $176,000 66,000 101,200 Pharoah $132.000 49,500 75,900 Novak $167,200 78,100 101,200 Splish $176,000 82,500 104,500 Blossom $143,000 -0- 203,500 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.) No. Account Titles and Explanation Debit Credit 1. Sweet Corporation Pharoah Company 2. 2. Sweet Corporation Novak Company 3. Sweet Corporation Splish Company. 4. Sweet Corporation Blossom Company (To record exchange of inventory) (To record cost of inventory)