Ivanhoe Corporation exchanged equipment used in its manufacturing operations for equipment used in the perations of Shamrock Ltd. The following information pertains to the exchange:

Ivanhoe Corp.

Equipment (cost)

$84,100

Accumulated depreciation

46,200

Fair value of old equipment

42,400

Cash given up

400

Shamrock Ltd.

Equipment (cost)

$84,100

Accumulated depreciation

41,100

Fair value of old equipment

42,800

Cash given up

0

Both companies agreed that the exchange did not have commercial substance.

Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)