Splish Company traded a used welding machine $($cost $$13,320,$ accumulated depreciation $$4,440)$ for office equipment with an estimated fair value of $$7,400.$ Splish also paid $$4,440$ cash in the transaction.

Prepare the journal entry to record the exchange. $($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 $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit