Sheridan Company exchanged equipment used in its manufacturing operations plus $ 4,380 in cash for similar equipment used in the operations of Skysong Company. The following information pertains to the exchange. Sheridan Co. Skysong Co. Equipment (cost) $ 40,880 $ 40,880 Accumulated depreciation 27,740 14,600 Fair value of equipment 18,250 22,630 Cash given up 4,380 (a) Partially correct answer iconYour 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 0 for the amounts.) Account Titles and Explanation Debit Credit Sheridan Company: Skysong Company: