Current Attempt in Progress Windsor Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used in the operations of Sheridan Company. The following information pertains to the exchange. Windsor Co. Sheridan Co. Equipment (cost) $32,480 $32,480 Accumulated depreciation 22,040 11,600 Fair value of equipment 14,500 17,980 Cash given up 3,480 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Windsor Company. Debit Equipment 13920 Accumulated Depreciation Equipment 22040 Equipment Cash Sheridan Company Credit 32480 3480