Tamarisk Company exchanged equipment used in its manufacturing operations plus $3,300 in cash for similar equipment used in the operations of Vaughn Company. The following information pertains to the exchange. Vaughn Co. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Tamarisk Co. $30,800 20,900 13,750 $30,800 11,000 17,050 3,300 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.) Debit Credit Account Titles and Explanation Tamarisk Company Equipment Accumulated Depreciation Equipment Equipment Cash Gain on Disposal of Equipment Vaughn Company Equipment Accumulated Depreciation Equipment Cash Loss on Disposal of Equipment Equipment