Windsor Ltd. exchanged equipment used in its manufacturing operations for equipment used in the operations of Sheridan Ltd. The following information pertains to the exchange: Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Windsor Ltd. $84,100 46,400 41,600 1,600 Sheridan Ltd. $84,100 40,400 43,200 Both companies agreed that the exchange had commercial substance for both companies. 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 is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Windsor Ltd exhanged equipment used in its manufacturing operations for equipment used in the operations of Sheridin Ltd. The following information pertains to the exchance Both companies aereed that the oxhange had commerclat substance for both companiss Prepare the necessaryjournal entries to record the asset eichange on the boolos of both companies. fCredit occount titks are automaticely indented when che amoint is before credit entries)