Nonmonetary Exchange Capital Company exchanged equipment used in its manufacturing operations plus $4,000 in cash for similar equipment used in the operations of Monroe Company. The following information pertains to the exchange. Capital Monroe Equipment (Cost) $56,000 $56,000 Accumulated Depreciation 38,000 30,000 Fair Value of Equipment 27,000 31,000 Cash Given Up 4,000 Cash Received 4,000 Instructions: Assume that the exchange lacks commercial substance. Prepare the journal entries to record the exchange on the books of both companies