1. Coronado Corporation wishes to exchange a machine used in its operations. Coronado has recelved the following offers from other companies in the industry Whispering Company offered to exchange a similar machine plus $48,300. (The exchange has commercial substance for both parties.) Metlock Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) Bonita Company offered to exchange a similar machine, but wanted $15.180 in addition to Coronado's machine. (The exchange has commercial substance for both parties.) 2. 3. In addition, Coronado contacted Windsor Corporation, a dealer in machines. To obtain a new machine. Coronado must pay $69.000 in addition to trading in its old machine. Machine cost Accumulated depreciation Fair value Coronado $276,000 103,500 151.800 Whispering $220,800 110,400 103,500 Metlock $182.160 63.480 151,800 Bonita $331,200 193,200 166,980 Windsor $138,000 -0- 220,800 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 Debit Credit No. Account Titles and Explanation 1. Coronado Corporation Whispering Company 2. Coronado Corporation Metlock Company 3 Coronado Corporation Bonita Company Coronado Corporation Windsor Company (To record exchange of inventory) (To recordycost of inventory)