Sandhill Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Monty Limited. Sandhill also paid Monty $2,800 in cash. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Sandhill $50,000 31,500 26,000 Monty $55,500 20,000 28,800 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Sandhill Limited Account Titles and Explanation Debit Credit Equipment 21300 Accumulated Depreciation - Equipment 31500 Equipment 50000 cash 2800 Monty Limited Account Titles and Explanation Equipment Debit Credit 26000 Cash 2800 Accumulated Depreciation - Equipment 20000 Loss on Disposal of Equipment 6700 Equipment 55000 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Sandhill Limited Account Titles and Explanation Equipment Debit Credit Monty Limited Account Titles and Explanation Equipment Debit Credit