Ivanhoe Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Sarasota Limited. Ivanhoe also paid Sarasota $2,700 in cash. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Ivanhoe $46,000 30,750 24.000 Sarasota $53,000 20,500 26,700 (a) Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (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 O for the amounts.)