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Novak Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Splish Company. The following

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Novak Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Splish Company. The following information pertains to the exchange. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks comme substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required

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