Bonita Company exchanged equipment used in its manufacturing operations plus $4,200 in cash for similar equipment used in the operations of windsor Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Bonita Co $39,200 26,600 17,500 4,200 Windsor Co $39,200 14,000 21,700 Your answer is partially correct. Try again 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.) Account Titles and Explanation Debit Credit Bonita Company: Equipment 21700 Accumulated Depreciation-Equipment 26600 Equipment 39200 Cash 4200 Windsor Company: Equipment 17500 Cash 4200 Accumulated Depreciation-Equipment 14000 Loss on Disposal of Equipment 3500 Equipment 39200 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 tities and enter 0 for the amounts.) Account Titles and Explanation Debit Credit windsor Company