Metlock Ltd. exchanged equipment used in its manufacturing operations for equipment used in the operations of Annon Ltd. The following information pertains to the exchange:

		Innis Ltd.		Annon Ltd.
Equipment (cost)		$84,700		$84,700
Accumulated depreciation		47,100		41,100
Fair value of old equipment		41,700		43,100
Cash given up		1,400

Both companies agreed that the exchange had commercial substance for both companies. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Innis Ltd.:
Annon Ltd.: