Swifty Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Nash Ltd. The following information pertains to the exchange: Swifty Corp. Nash Ltd. Equipment (cost) $84,200 $84,200 Accumulated depreciation 46,700 40,600 Fair value of old equipment 42,200 43,500 Cash given up 1,300 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the 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.) Swifty Corporation: Account Titles and Explanation Debit Credit Accumulated Depreciation - Equipment Loss on Disposal of Equipment Equipment (Old) Equipment (New) Cash Gain on Disposal of Equipment Nash Ltd.: Account Titles and Explanation Debit Credit