Whispering Company exchanged equipment used in its manufacturing operations plus $3,180in cash for similar equipment used in the operations of Metlock Company. The following information pertains to the exchange.

		Whispering Co.		Metlock Co.
Equipment (cost)		$29,680			$29,680
Accumulated depreciation		20,140			10,600
Fair value of equipment		13,250			16,430
Cash given up		3,180

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