all 2020 Question 6 of 29 - / 5 View Policies Current Attempt in Progress Flint Corporation exchanged equipment us din its manufacturing operations for equipment used in the operations of Buffalo Ltd. The following information pertains to the change: Buffalo Ltd. Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Flint Corp $84.500 46,600 42.500 $84,500 40,300 42.600 100 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 und enter for the amounts.) Flint Corporation: Account Titles and Explanation Debit Credit Question 6 of 29 -75 Flint Corporation: Account Titles and Explanation Debit Credit