Exercise 10-19 Cheyenne Company exchanged equipment used in its manufacturing operations plus $3,960 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. $36,960 25,080 16,500 3,960 Ayayai Co. $36,960 13,200 20,460 Your answer is partially correct. Try again. 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 o for the amounts.) Debit Credit Account Titles and Explanation Cheyenne Company: Equipment 15840 Accumulated Depreciation 25080 Equipment 36960 Cash 3960 Ayayai Company: RINTER VERSION BACK Ayayai Company: Cash 16500 [Loss on Disposal of Equipn 13200 Equipment 3900 Accumulated Depreciation 3360 Equipment 36960 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again. 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 o for the amounts.) Debit Credit Account Titles and Explanation Cheyenne Company Equipment BACK NEXT Debit Credit Account Titles and Explanation Cheyenne Company Equipment TAccumulated Depreciation Equipment x Cash Gain on Disposal of Equipn Ayayal Company. X Cash X TLoss on Disposal of Equipn X Equipment Accumulated Depreciation- Equipment