Teal Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Flint Ltd. The following information pertains to the exchange:

Teal Corp. Equipment (cost) $84,700 Accumulated depreciation 46,700 Fair value of old equipment 41,900 Cash given up 1,600

Flint LTD Equipment( Cost) 84700 Accumulated depreciation 40200 Fair value of old equipment 43500 cash given up 0

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 isrequired,select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)