Marigold Company exchanged equipment used in its manufacturing operations plus $3.840 in cash for similar equipment used in the operations of Swifty Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Marigold Co. $35,840 24,320 16,000 3,840 Swifty Co. $35,840 12,800 19,840 (a) 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 for the amounts.) Debit Credit Account Titles and Explanation Marigold Company: 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 for the amounts.) Account Titles and Explanation Debit Credit Marigold Company: Equipment Accumulated Depreciation Equipment Equipment Cash Swifty Company: Equipment Accumulated Depreciation Equipment Cash Loss on Disposal of Equipment Equipment