Whispering Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Metlock Company. The following information pertains to the exchange, Metlock Co. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Whispering Co. $42.000 28,500 18.750 4,500 $42.000 15,000 23,250 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 tities and enter for the amounts.) Account Titles and Explanation Debit Credit Whispering Company Equipment Accumulated Depreciation Corrent 28500 Equipment (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 o for the amounts.) Debit Credit Account Titles and Explanation Whispering Company: Equipment Accumulated Depreciation Equipment 28.500 Equipment Cash Metlock Company: Equipment Accumulated Depreciation Equipment Loss on Disposal of Equipment Cash Equipment