Homework: E106, E1017, E1019 Question 3 of3 16.67 / 33.34 E Pharoah Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment used in the operations of Novak Company. The following information pertains to the exchange. thtah Novak Co. Equipment (cost) $33,040 $33,040 Accumulated depreciation 22,420 11,800 Fair value of equipment 14,750 18,290 Cash given up 3,540 V 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 0 for the amounts.) Account Titles and Explanation Debit Credit Pharoah Compa_ny_: - Homework: E10.6, E10.17, E10.19 Question 3 of 3 16.67 / 33.34 E 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.) Account Titles and Explanation Debit Credit Pharoah Company Novak Compa_ny