Please answer in detail and also make sure the answer is complete.

Tamarisk Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Vaughn Ltd. The following information pertains to the exchange Tamarisk Corp. Equipment (cost) Accumulated depreciation Fair value of new equipment Cash given up $85,000 66,200 41,900 1,400 Vaughn Ltd. $85,000 30,400 47,000 Both companies agreed that the exchange had commercial substance for both companies, 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 0 for the amounts.) Tamarisk Corporation: Account Titles and Explanation Debit Credit Vaughn Ltd.: Account Titles and Explanation Debit Credit Question Attempts: 0 of 15 us