Vaughn Company exchanged equipment used in its manufacturing operations plus $4,080 in cash for similar equipment used in the operations of Bramble Company. The following information pertains to the exchange. Vaughn Bramble Co. Co. Equipment (cost) $38,080 $38,080 Accumulated depreciation 25,840 13,600 Fair value of equipment 17,000 21,080 Cash given up 4,080 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 Vaughn Company: Bramble Company: 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.) Account Titles and Explanation Debit Credit Vaughn Company Bramble Company