assume the exchange has commmercial substance.

im pretty sure commercial substance means ro recognize gains and losses imediately

Cheyenne Company exchanged equipment used in its manufacturing operations plus $4,260 in cash for similar equipment used in the operations of Ayayai Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Cheyenne Co. $39,760 26,980 17.750 4.260 Ayayai Co. $39.760 14.200 22.010 (b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has 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 o for the amounts.) Debit Credit Account Titles and Explanation Cheyenne Company Ayayal Company