Flounder Company exchanged equipment used in its manufacturing operations plus $3,060 in cash for similar equipme in the operations of Culver Company. The following information pertains to the exchange. Flounder Co. Culver Co. Equipment (cost) $28,560 $28,560 Accumulated depreciation 19,380 10,200 Fair value of equipment 12,750 15,810 Cash given up 3,060 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 manuc 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 12,240 Accumulated Depreciation-Equipment 19,380 Equipment 28,560 Cash 3,060 Culver Company: Cash 3,060 Loss on Disposal of Equipment 2,550 Equipment 12,750 Accumulated Depreciation-Equipment 10,200 Equipment 28,560 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 manua no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Flounder Company Culver Company