Sandhill Company exchanged equipment used in its manufacturing operations plus $3,960 in cash for similar equipment used in the operations of Teal Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Sandhill Co. $36,960 25,080 16,500 3,960 Teal Co. $36,960 13,200 20,460 (a) 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 Sandhill Company Teal Company 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.) Debit Credit Account Titles and Explanation Sandhill Company Teal Company