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Coronado Corporation wishes to exchange a machine used in its operations. Coronado has received the following offers from other companies in the industry. 1. Whispering
Coronado Corporation wishes to exchange a machine used in its operations. Coronado has received the following offers from other companies in the industry. 1. Whispering Company offered to exchange a similar machine plus $28,520. (The exchange has commercial substance for both parties.) 2. Metlock Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Bonita Company offered to exchange a similar machine, but wanted $3,720 in addition to Coronado's machine. (The exchange has commercial substance for both parties.) In addition, Coronado contacted Windsor Corporation, a dealer in machines. To obtain a new machine, Coronado must pay $115,320 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.) N 2. Coronado Corporation Metlock Company 3. Coronado Corporation Bonita Company
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