Exercise 10-19 Monty Company exchanged equipment used in its manufacturing operations plus $3,420 in cash for similar equipment used in the operations of Flounder Company. The following information pertains to the exchange Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Monty Co. $31,920 21,660 14,250 3,420 Flounder Co. $31,920 11,400 17,670 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 Monty Company: Debit Credit