Sarasota Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Ivanhoe Company. The following information pertains to the exchange. Sarasota Co. Ivanhoe Co. Equipment (cost) $31,920 $31,920 Accumulated depreciation 21,660 11,400 Fair value of equipment 14,250 17,670 Cash given up 3,420 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 0 for the amounts.)