Q2 Mathews Company exchanged equipment used in its manufacturing operations plus $6,500 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange. Mathews Co. Biggio Co. Equipment (cost) $153,000 $146,000 Accumulated depreciation $31,000 $18,500 Fair value of equipment $125,500 $132,000 Cash given up $6,500 Instructions (a) Prepare the journal entries to record the exchange on the books of both compan Assume that the exchange lacks commercial substance. Mathewes Book Value Fair Value Gain (Loss) Biggio Book Value Fair Value Gain (Loss)