Current Attempt in Progress Whispering Corporation wishes to exchange a machine used in its operations. Whispering has received the following offers from other companies in the industry. 1. Metlock Company offered to exchange a similar machine plus $ 25,760. (The exchange has commercial substance for both parties.) 2. Bonita Company offered to exchange a similar machine. (The exchange lacks commercial substance for both parties.) 3. Windsor Company offered to exchange a similar machine, but wanted $3,360in addition to Whispering's machine. (The exchange has commercial substance for both parties.) In addition, Whispering contacted Sheridan Corporation, a dealer in machines. To obtain a new machine, Whispering must pay $ 104,160in addition to trading in its old machine. Whispering Metlock Bonita Windsor Sheridan Machine cost $ 179,200 $ 134,400 $ 170,240 $ 179,200 $ 145,600 Accumulated depreciation 67,200 50,400 79,520 84,000 -0- Fair value 103,040 77,280 103,040 106,400 207,200 No. Account Titles and Explanation Debit Credit 1. Whispering Corporation Metlock Company 2. Whispering Corporation Bonita Company 3. Whispering Corporation Windsor Company 4. Whispering Corporation 4. Whispering Corporation Sheridan Company (To record exchange of inventory) (To record cost of inventory)