Exercise 10-18 Sheridan Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Concord Limited. Sheridan also paid Concord $3,100 in cash. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Sheridan Concord $57,000 $61,500 31,25020,000 28,000 31,100 Prepare the ournal entries to record he exchange on the books o both companies, assuming the exchange is determined to have commercial su tance cred account E es area toma ca indented when the 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.) Sheridan Limited Account Titles and Explanation Debit Credit