Buffalo Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of Carla Company. The following information pertains to the exchange. Carla Co. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Buffalo Co. $29.680 20,140 13,250 3,180 $29.680 10.600 16,430 (a) Your answer is correct. 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 for the amounts.) Account Titles and Explanation Buffalo Company Debit Credit Equipment 12720 Accumulated Depreciation Equipment 20140 Equipment 29680 cash 3180 Carla Company (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 for the amounts.) Debit Credit Account Titles and Explanation Buffalo Company Carla Company