Cheyenne Company exchanged equipment used in its manufacturing operations plus $3,720 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. $34.720 23,560 15,500 3,720 Ayayai Co. $34.720 12.400 19,220 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 Debit Credit Cheyenne Company Avaval Comany required, select "No Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Cheyenne Company: Debit Credit Ayayai Company: e Textbook and Media List of Accounts Drepare the journal entries to record the excha the Books of both companies Assume that the exchange has commercial List of Accounts 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.) Account Titles and Explanation Debit Credit Cheyenne Company Avayal Company e Textbook and Media List of Accounts e to search C