Sunland Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange.

		Sunland Co.			Coronado Co.
Equipment (cost)		$30,800			$30,800
Accumulated depreciation		20,900			11,000
Fair value of equipment		13,750			17,050
Cash given up		3,300

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 O 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 is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Sunland Company. Coronado Company