Question 22 02:04:17 Hide Tim View Policies Current Attempt in Progress Tamarisk Company exchanged equipment used in its manufacturing operations plus $3.120 in cash for similar equipment used in the operations of Vaughn Company. The following information pertains to the exchange. Tamarisk Vaughn Co. Equipment (cost) $29,120 $29,120 19.760 Accumulated depreciation Fair value of equipment 10,400 16,120 Cash given up 13,000 3,120 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 for the amounts) Account Titles and Explanation Debit Credit Tamarisk Company: Equipment Accumulated Depreciation Equipment Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has 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 for the amounts) Account Titles and Explanation Debit Credit Tamarisk Company Vaughn Company alwER Trullo