Sheffield Company exchanged equipment used in its manufacturing operations plus $4,320 in cash for similar equipment used in the operations of Tamarisk Company. The following information pertains to the exchange. Sheffield Co. Tamarisk Co. Equipment (cost) $40,320 $40,320 Accumulated depreciation 27,360 14,400 Fair value of equipment 18,000 22,320 Cash given up 4,320 (a) Your answer is 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 Debit Credit Sheffield Company: Equipment 17280 Accumulated Depreciation Equipment 27360 Equipment 40320 Cash 4320 Tamarisk Company: Cash 4320 Accumulated Depreciation Equipment 14400 Equipment 18000 Loss on Disposal of Equipment 3600 Equipment 40320 (b) 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.) Account Titles and Explanation Debit Credit Sheffield Company Tamarisk Company