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 $30,360. (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 $3,960 in addition to Swifty’s 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 $122,760 in addition to trading in its old machine.

		Swifty		Nash		Crane		Cheyenne		Ayayai
Machine cost		$211,200		$158,400		$200,640		$211,200		$171,600
Accumulated depreciation		79,200		59,400		93,720		99,000		–0–
Fair value		121,440		91,080		121,440		125,400		244,200

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)