Flounder Company exchanged equipment used in its manufacturing operations plus $3,180 in cash for similar equipment used in the operations of Culver Company. The following information pertains to the exchange. Flounder Co. Culver Co. Equipment (cost) $29,680 $29,680 Accumulated depreciation 20,140 10.600 Fair value of equipment 13,250 16,430 Cash given up 3,180 (a) 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.) Account Titles and Explanation Debit Credit Flounder Company: Culver Company: e Textbook and Media List of Accounts Save for Later Attempts: 0 of 12 used Submit