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:

Swift Nash corp Ltd Equipment 84,400. 84,400 (cost)

Accumulated 46,100. 41,000 Depreciation

Fair value of 42,500. 43,000 old equipment

Cash given up 500

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.