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

1.		Bramble Company offered to exchange a similar machine plus $28,520. (The exchange has commercial substance for both parties.)
2.		Sunland Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Coronado Company offered to exchange a similar machine, but wanted $3,720 in addition to Vaughns machine. (The exchange has commercial substance for both parties.)

In addition, Vaughn contacted Whispering Corporation, a dealer in machines. To obtain a new machine, Vaughn must pay $115,320 in addition to trading in its old machine.

		Vaughn		Bramble		Sunland		Coronado		Whispering
Machine cost		$198,400		$148,800		$188,480		$198,400		$161,200
Accumulated depreciation		74,400		55,800		88,040		93,000		0
Fair value		114,080		85,560		114,080		117,800		229,400

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.	Vaughn Corporation
	Bramble Company
2.	Vaughn Corporation
	Sunland Company
3.	Vaughn Corporation
	Coronado Company
4.	Vaughn Corporation
	Whispering Company
	(To record exchange of inventory)
	(To record cost of inventory)