Mаtthews Cоmpаny exchаnged equipment used in its manufacturing оperatiоns plus $5,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange: Matthews Co. Biggio Co. Equipment, cost $66,000 $66,000 Accumulated depreciation 48,000 30,000 Fair value of equipment 35,000 32,000 Cash given up 5,000 Instructions Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.