Question 5 of 12 -72 View Policies Current Attempt in Progress Monty Company exchanged equipment used in its manufacturing operations plus $3.180 in cash for similar equipment used in the operations of Flounder Company. The following information pertains to the exchange. Monty Co. Equipment cost) Accumulated depreciation Fale value of equipment Cash given up $29.680 20.140 13.250 3.180 Flounder Co. $29,680 10.600 16,430 Part 1 Prepare the journal entries to record the exchange or 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 try is required, select "No Entry for the accountities and enter for the amourits Debit Credit Account Titles and Explanation Monty Company Equipment 12.720 Accumulated Depreciation Coment 20140 Equiment 29.680 Cash 2180 Flounder Com Equiment 16,430 Accumulated Depreciation Equipment 10.600 Cach 10 Loss on Disposal of Equipment Equipment 29.680 eTextbook and Media Assistance Used List of Accounts Last saved 22 minutes Attempts of used w