Sarasota Company exchanged equipment used in its manufacturing operations plus $4,140 in cash for similar equipment used in the operations of Ivanhoe Company. The following information pertains to the exchange. Sarasota Co. Ivanhoe Co. Equipment (cost) $38,640 $38,640 Accumulated depreciation 26,220 13,800 Fair value of equipment 17,250 21,390 Cash given up 4,140 (a) Your answer is partially correct. 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 O for the amounts.) Account Titles and Explanation Sarasota Company: Equipment Debit 16560 Credit Accumulated Depreciation-Equipment 26220