Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (C account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Novak Company Splish Company Account Titles and Explanation Debit Credit Novak Company: Splish Company: Novak Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Splish Company. The following information pertains to the exchange. Novak Splish Co. Co. $34,720 $34,720 Equipment (cost) Accumulated depreciation 12,400 23,560 Fair value of equipment 15,500 19,220 Cash given up 3,720 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 Debit Credit Novak Company