Sarasota Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipment used in the operations of Ivanhoe Company. The following information pertains to the exchange, Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Sarasota Co. $40,880 27,740 18,250 4,380 Ivanhoe Co. $40,880 14,600 22,630 (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 o for the amounts.) Account Titles and Explanation Sarasota Company Debit Credit Debit Credit Account Titles and Explanation Sarasota Company Ivanhoe Company