Metlock Company exchanged equipment used in its manufacturing operations plus $4,200 in cash for similar equipment used in the op The following information pertains to the exchange erations of Bonita Company Metlock Co. Bonita Co $39,000 $39,000 26,000 14,000 17,000 21,000 Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substan 4,000