Metlock Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Bonita Company. The following information pertains to the exchange. Bonita Co. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Metlock Co. $34.720 23,560 15,500 3,720 $34.720 12,400 19,220 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 Metlock Company Bonita Company e Textbook and Media List of Accounts 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 Metlock Company Bonita Company