Question 8 of 9 - 12 View Policies Current Attempt in Progress Oriole Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Waterway Company. The following information pertains to the exchange. Oriole Co. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up $42,000 28,500 18,750 4.500 Waterway Co. $42,000 15,000 23,250 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.) Debit Credit Account Titles and Explanation Oriole Company: Equipment 23,250 Accumulated Depreciation Equipment 28,500 Cash 4,500 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.) Debit Credit Account Titles and Explanation Oriole Company: Equipment 23,250 Accumulated Depreciation-Equipment 28,500 Cash 4,500 Equipment 42,000 Waterway Company: Equipment 18,750 Cash 4,500 Accumulated Depreciation Equipment 15,000 Loss on Disposal of Equipment Equipment e Textbook and Media 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 O for the amounts.) Debit Credit Account Titles and Explanation Oriole Company Waterway Company