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

1.		Sheffield Company offered to exchange a similar machine plus $31,280. (The exchange has commercial substance for both parties.)
2.		Tamarisk Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.)
3.		Vaughn Company offered to exchange a similar machine, but wanted $4,080 in addition to Wildhorses machine. (The exchange has commercial substance for both parties.)

In addition, Wildhorse contacted Bramble Corporation, a dealer in machines. To obtain a new machine, Wildhorse must pay $126,480 in addition to trading in its old machine.

		Wildhorse		Sheffield		Tamarisk		Vaughn		Bramble
Machine cost		$217,600		$163,200		$206,720		$217,600		$176,800
Accumulated depreciation		81,600		61,200		96,560		102,000		0
Fair value		125,120		93,840		125,120		129,200		251,600

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.	Wildhorse Corporation
	Sheffield Company
2.	Wildhorse Corporation
	Tamarisk Company
3.	Wildhorse Corporation
	Vaughn Company
4.	Wildhorse Corporation
	Bramble Company
	(To record exchange of inventory)
	(To record cost of inventory)