Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Grouper Limited. Sheridan also paid Grouper $3,100 in cash. The following information pertains to the exchange. Sheridan Grouper Equipment (cost) $56,000 $59,500 Accumulated depreciation 30,250 20,500 Fair value of equipment 27,000 30,100 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.) Sheridan Limited Account Titles and Explanation Debit Credit Grouper Limited Account Titles and Explanation Debit Credit List of Accounts Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not 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.) Sheridan Limited Account Titles and Explanation Debit Credit Grouper Limited Account Titles and Explanation Debit Credit