Coronado Company exchanged equipment used in its manufacturing operations plus $$3,720$ in cash for similar equipment used in the

operations of Whispering Company. The following information pertains to the exchange.

$($a$)$

Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial

substance. $($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.$)$

Account Titles and Explanation

Debit

Credit

Coronado Company: