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 Your answer is correct. 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: Equipment 12720 Accumulated Depreciation-Equipment 20140 Equipment 29680 Cash 3180 Culver Company: Equipment 13250 Accumulated Depreciation-Equipment 10600 Cash 3180 Loss on Disposal of Equipment 2650 Equipment 29680 e Textbook and Media List of Accounts Assistance Used Attempts: 3 of 12 used (b) 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 e Textbook and Media List of Accounts