Swifty Corporation wishes to exchange a machine used in its operations. Swifty has received the following offers from other companies in the industry.

1.		Nash Company offered to exchange a similar machine plus $26,220. (The exchange has commercial substance for both parties.)
2.		Crane Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Cheyenne Company offered to exchange a similar machine, but wanted $3,420 in addition to Swiftys machine. (The exchange has commercial substance for both parties.)

In addition, Swifty contacted Ayayai Corporation, a dealer in machines. To obtain a new machine, Swifty must pay $106,020 in addition to trading in its old machine.

		Swifty		Nash		Crane		Cheyenne		Ayayai
Machine cost		$182,400		$136,800		$173,280		$182,400		$148,200
Accumulated depreciation		68,400		51,300		80,940		85,500		0
Fair value		104,880		78,660		104,880		108,300		210,900

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.	Swifty Corporation
	Nash Company
2.	Swifty Corporation
	Crane Company
3.	Swifty Corporation
	Cheyenne Company
4.	Swifty Corporation
	Ayayai Company
	(To record exchange of inventory)
	(To record cost of inventory)