Novak Company exchanged equipment used in its manufacturing operations plus $ 3,240 in cash for similar equipment used in the operations of Splish Company. The following information pertains to the exchange. Novak Co. Equipment (cost) Accumulated depreciation20,520 Fair value of equipment Cash given up Splish Co $30,240 30,240 10,800 3,500 16,740 3,240 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 O for the amounts.) Account Titles and Explanation Novak Company: Debit Credit Splish Company