Marigold Company exchanged equipment used in its manufacturing operations plus $3.240 in cash for similar equipment used in the operations of Swifty Company. The following information pertains to the exchange. Marigold Co. Swifty Co. Equipment (cost) $30,240 $30,240 Accumulated depreciation 20,520 10.800 Fair value of equipment 13,500 16,740 Cash given up 3,240 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.) Account Titles and Explanation Debit Credit Marigold Company: Equipment 12,960 Accumulated Depreciation Equipment 20,520 Equipment 30,240 cash 3,240 Swifty Company: Cash 3,240 Equipment 13,500 Loss on Disposal of Equipment 2,700 Accumulated Depreciation-Equipment 10,800 Equipment 30,240 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commerc substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Marigold Company Swifty Company