Presented below are two independent transactions. Both transactions have commercial substance, Whispering Winds Co. exchanged old trucks (cost $66,000 less $21,500 accumulated depreciation) plus cash of $16,000 for new trucks. The old trucks had a fair value of $40,400. Kingbird Inc. trades its used machine (cost $10,860 less $3,620 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,740). Kingbird also paid cash of $2,900. 1 2 Part 1 Your answer is partially correct. Prepare the entry to record the exchange of assets by Whispering Winds Co. (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 for the amounts.) Account Titles and Explanation Debit Credit Equipment Accumulated Depreciation Equipment 21500 Loss on Disposal of Plant Assets Equipment Cash