Tamarisk Company exchanged equipment used in its manufacturing operations plus 54.260 in cash for similar equipment used in the operations of Vaughn Company. The following information pertains to the exchange Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Tamarisk Co. $39,760 26,980 17.750 4,260 Vaughn Co. $39,760 14,200 22,010 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 Tamarisk Company Equipment Accumulated Depreciation Equipment Gain on Diposal of Equipment Cash Vaughn Company Equipment Accumobited Depreciation Machinery Cash Loss on Disposal of Machinery nr 39760