Culver Company exchanged equipment used in its manufacturing operations plus $3,240 in cash for similar equipment used in the operations of Larkspur Company. The following information pertains to the exchange. Culver Co. Larkspur Co. Equipment (cost) $30,240 $30,240 Accumulated depreciation 20,520 10,800 Fair value of equipment 13,500 16,740 Cash given up 3,240

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
Culver Company
Larkspur Company

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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Culver Company
Larkspur Company