Sunland Company exchanged equipment used in its manufacturing operations plus $3,720 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange. Equipment (cost) Sunland Co. $34,720 23.560 15,500 3,720 Coronado Co. $34,720 12,400 19,220 Accumulated depreciation Fair value of equipment Cash given up 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 for the amounts.) Account Titles and Explanation Debit Credit Sunland Company Coronado Company 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 isrequired, select No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Sunland Company Coronado Company