Current Attempt in Progress Waterway Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Wildhorse Company. The following information pertains to the exchange. Waterway Co Wildhorse Co. Equipment (cost) Accumulated depreciation $31,360 21,280 14,000 3,360 $31,360 11.200 17,360 Fair value of equipment Cash given up ally 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 Debit Credit Waterway Company Equipment 13440 Accumulated Depreciation Equipment 21280 Equipment Cash Wildhorse Company Cash Equipment 16500 Accumulated Depreciation Equipment 11200