Novak Company exchanged equipment used in its manufacturing operations plus $3,840 in cash for similar equipment used in the operations of Splish Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Novak Co. $35,840 24,320 16,000 3,840 Splish Co. $35,840 12,800 19,840 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 0 for the amounts.) Debit Credit Account Titles and Explanation Novak Company: Splish Company SHOW 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 o for the amounts.) Debit Credit Account Titles and Explanation Novak Company Splish Company