Teal Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Flint Company. The following information pertains to the exchange. Teal Co. Flint Co. Equipment (cost) $29,120 $29,120 Accumulated depreciation 19,760 10,400 Fair value of equipment 13,000 16,120 Cash given up 3,120 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance -Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.