Monty Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Flounder Ltd. The following information pertains to the exchange: Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Monty Corp. $84,000 46,900 41,900 900 Flounder Ltd. $84,000 41,100 42,800 Both companies agreed that the exchange did not have commercial substance. 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 o for the amounts.) Monty Corporation: Account Titles and Explanation Debit Credit Equipment (New) 38,000 Accumulated Depreciation - Equipment 46,900 Cash 900 Equipment (Old) 84,000 Flounder Ltd.: Account Titles and Explanation Debit Credit Equipment (New) 41,900 Accumulated Depreciation - Equipment 41,100 Cash 900 Loss on Disposal of Equipment 100 Equipment (Old) 84000