Jovak Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the perations of Splish Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Novak Co. $31,360 21,280 14,000 3,360 Splish Co. $31,360 11,200 17,360 Part 1 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 O for the amounts.) Debit Credit Account Titles and Explanation Novak Company: Splish Company: 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 Novak Company Equipment 17360 Accumulated Depreciation Equipment 21280 Equipment 31360 Splish Company