Teal Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Teal Corporation gave the machine plus $388 to Flint Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Teal Corp. (Old Machine) $331 160 97 Flint Co. (New Machine) $308 -0- 485 Machine cost Accumulated depreciation Fair value For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (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 for the amounts.) Account Titles and Explanation Teal Corporation Debit Credit Elit Bass Machine Comman Account Titles and Explanation Teal Corporation Debit Credit Flint Business Machine Company