Metlock Corporation wishes to exchange a machine used in its operations. Metlock has received the following...

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Metlock Corporation wishes to exchange a machine used in its operations. Metlock has received the following offers from other companies in the industry. 1. Bonita Company offered to exchange a similar machine plus $27,600. (The exchange has commercial substance for both parties.) 2. Windsor Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sheridan Company offered to exchange a similar machine, but wanted $3,600 in addition to Metlock's machine. (The exchange has commercial substance for both parties.) In addition, Metlock contacted Skysong Corporation, a dealer in machines. To obtain a new machine, Metlock must pay $111,600 in addition to trading in its old machine. Metlock Bonita Windsor Sheridan Skysong Machine cost $192,000 $144,000 $182,400 $192,000 $156,000 Accumulated depreciation 72,000 54,000 85,200 90,000 -0- Fair value 110,400 82,800 110,400 114,000 222,000 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Metlock Corporation Bonita Company Debit Credit 2. Metlock Corporation Windsor Company 3. Metlock Corporation Sheridan Company 4. Metlock Corporation Skysong Company (To record revenue) (To record cost of inventory) Metlock Corporation wishes to exchange a machine used in its operations. Metlock has received the following offers from other companies in the industry. 1. Bonita Company offered to exchange a similar machine plus $27,600. (The exchange has commercial substance for both parties.) 2. Windsor Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sheridan Company offered to exchange a similar machine, but wanted $3,600 in addition to Metlock's machine. (The exchange has commercial substance for both parties.) In addition, Metlock contacted Skysong Corporation, a dealer in machines. To obtain a new machine, Metlock must pay $111,600 in addition to trading in its old machine. Metlock Bonita Windsor Sheridan Skysong Machine cost $192,000 $144,000 $182,400 $192,000 $156,000 Accumulated depreciation 72,000 54,000 85,200 90,000 -0- Fair value 110,400 82,800 110,400 114,000 222,000 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 O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Metlock Corporation Bonita Company Debit Credit 2. Metlock Corporation Windsor Company 3. Metlock Corporation Sheridan Company 4. Metlock Corporation Skysong Company (To record revenue) (To record cost of inventory)