Holyfield corporation wishes to exchange a machine used in its operations. holyfield has received the following offers from other companies in the industry.
1. dorsett company offered to exchange a similar machine plus $23,000. (the exchange has commercialsubstance for both parties.)

2. winston company offered to exchange a similar machine. (the exchange lacks commercial substancefor both parties.)

3. liston company offered to exchange a similar machine, but wanted $3,000 in addition to holyfield’smachine. (the exchange has commercial substance for both parties.)in addition, holyfield contacted greeley corporation, a dealer in machines. to obtain a new machine, holyfield must pay $93,000 in addition to trading in its old machine. holyfield dorsett winston liston greeleymachine cost $160,000 $120,000 $152,000 $160,000 $130,000accumulated depreciation 60,000 45,000 71,000 75,000 –0–fair value 92,000 69,000 92,000 95,000 185,000for each of the four independent situations, prepare the journal entries to record the exchange on the booksof each company.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."