Colaw Company exchanges equipment with Eaton Company and Mantle Company exchanges equipment with Fiero Company. The following information pertains to the exchanges: Colaw Company Mantle Company Equipment (cost) $114,000 $96,000 Accumulated depreciation 50,000 45,000 Fair market value of the equipment 75,000 42,000 Cash paid 50,000 -0- Instructions Prepare the journal entries to record the exchanges on the books of Colaw Company and Mantle Company. The transaction has commercial substance.