Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance?

Kingbird Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Oriole Company. The following information pertains to the exchange. Kingbird Co. Oriole Co. Equipment (cost) $40,880 $40,880 Accumulated depreciation 27,740 14,600 Fair value of equipment 18,250 22,630 Cash given up 4,380