Flounder Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Culver Company. The following information pertains to the exchange. Flounder Co. Culver Co. $42,000 $42.000 28,500 15,000 Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up 18,750 23,250 4,500 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 for the amounts.) Debit Credit Account Titles and Explanation Flounder Company Culver Company eTextbook and Media List of Accounts 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 for the amounts.) Debit Credit Account Titles and Explanation Flounder Company 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 for the amounts.) Debit Credit Account Titles and Explanation Flounder Company Culver Company