Martinez Company exchanged equipment used in its manufacturing operations plus $3,360 in cash for similar equipment used in the operations of Sandhill Company. The following information pertains to the exchange.   Martinez Co.   Sandhill Co. Equipment (cost) $31,360   $31,360 Accumulated depreciation 21,280   11,200 Fair value of equipment 14,000   17,360 Cash given up 3,360     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 0 for the amounts.)

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