Sheridan Company exchanged equipment used in its manufacturing operations plus $3,540 in cash for similar equipment used in the operations of Skysong Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Sheridan Co. $33,040 22,420 14,750 3,540 Skysong Co. $33,040 11,800 18.290 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 for the amounts.) Credit Debit Account Titles and Explanation Sheridan Company Skysong Company