Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $4,755 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information pertains to the exchange.

Carlos Arruza Co.

Equipment (cost)= $44,380

Accumulated depreciation= 30,115

Fair value of equipment= 19,813

Cash given up= 4,755

Tony LoBianco Co.

Equipment (cost)= 44,380

Accumulated depreciated= 15,850

Fair value of equipment= 24,568

Cash given up= 0

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.)