*Additional Problem 8 Novak Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Splish Ltd. The following information pertains to the exchange: Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Novak Corp. $84,000 46,500 42,400 200 Splish Ltd. $84,000 41,000 42,600 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the 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.) Novak Corporation: Account Titles and Explanation Debit Credit Splish Ltd.: Account Titles and Explanation Debit Credit