Question 13 View Policies Current Attempt in Progress Stellar Company exchanged equipment used in its manufacturing operations plus $3,480 in cash for similar equipment used Company. The following information pertains to the exchange. Stellar Co. Pearl 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 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 o for the amounts.) Account Titles and Explanation Debit Credit Stellar Company: Pearl 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 O for the amounts.) Account Titles and Explanation Debit Credit Stellar Company Pearl Company