Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equipm operations of Blue Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Blossom Co. $40,880 27,740 18,250 4,380 Blue Co. $40,880 14,600 22,630

Blossom Company exchanged equipment used in its manufacturing operations plus $4,380 in cash for similar equip operations of Blue Compary. The following information pertains to the exchange. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit occount titles are outomatically indented when amount is entered. Do not indent manualfy. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List all debit entries before credit entries.) Blue Company: Equipment \begin{tabular}{|r|} \hline \\ \hline \\ \hline 4380 \\ \hline \end{tabular} Cash 14600 Q Accumulated Depreciation - Equipment 3650 Loss on Disposal of Equipment 40880 Equipment: Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has comme substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is require "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Blue Company. eTextbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Subn