3. (20 points) Both Colaw Company and Mantle Company replace their old equipments with new equipments through equipment exchanges. Each exchange is independent each other. The following information pertains to the exchanges: Colaw Company Mantle Company Old equipment (cost) 114,000 96,000 Accumulated depreciation 50,000 45,000 Fair value of the old equipment 70,000 46,000 Cash paid 45,000 Prepare the journal entries to record the exchanges on the books of Colaw Company and Mantle Company