Current Attempt in Progress Textile manufacturer Pharoah Corp. exchanges robotic equipment with an original cost of $20,000 and a carrying amount of $11,900 with the equipment rental company Sheffield Corp. The equipment that is received in exchange from Sheffield has an original cost of $35,000 and a carrying amount of $16,400, performs different functions, and has a fair value of $21.500. Both companies are 100% owned by the same individual. Because they are closely held companies, they both follow ASPE. Prepare the journal entries for both companies to record the exchange. (List all debit entries before credit entries. 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 O for the amounts.) Pharoah Corp. Account Titles and Explanation Debit Equipment (New) Accumulated Depreciation-Equipment Equipment (Old) Contributed Surplus 16,400 Credit 20,000 Sheffield Corp. Account Titles and Explanation Debit Equipment (New) Accumulated Depreciation-Equipment Retained Earnings Equipment (Old) 11,900 Credit