Exercise 10-19 Pearl Company exchanged equipment used in its manufacturing operations plus $4,260 in cash for similar equipment used in the operations of Martinez Company. The following information pertains to the exchange. Pearl Co. Martinez Co. $39,760 Equipment (cost) $39,760 26,980 Accumulated depreciation 14,200 22,010 Fair value of equipment 17,750 Cash given up 4,260 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.) Debit Credit Account Titles and Explanation Pearl Company: Equipment Accumulated Depreciation Equipment Cash