Flint Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Buffalo Company. The following information pertains to the exchange.

		Flint Co.			Buffalo Co.
Equipment (cost)		$29,120			$29,120
Accumulated depreciation		19,760			10,400
Fair value of equipment		13,000			16,120
Cash given up		3,120

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 0 for the amounts.)