Spencer Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Bogie Company. The following information pertains to the exchange: Spencer Co. Bogie Co. Equipment (cost) $56,000 $56,000 Accumulated depreciation 38,000 20,000 Fair value of equipment 25,000 31,000 Cash given 6,000 Required: Prepare the journal entry to record the exchange on the books of Bogie Co. Assume the exchange does not have commercial substance