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

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Accounting

image Riverbed Corporation wishes to exchange a machine used in its operations. Riverbed has received the following offers from other companies in the industry: 1. Marin Company offered to exchange a similar machine plus $52,500. (The exchange has commercial substance for both parties.) 2. Headland Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Sage Company offered to exchange a similar machine, but wanted $16,500 in addition to Riverbed's machine. (The exchange has commercial substance for both parties.) In addition, Riverbed contacted Pronghorn Corporation, a dealer in machines. To obtain a new machine, Riverbed must pay $75,000 in addition to trading in its old machine. 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. List all debit entries before credit entries.)

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