Blue Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Kingbird Ltd The following information pertains to the exchange: Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Blue Corp. $84,700 46,600 41,600 1,000 Kingbird Ltd. $84,700 40,900 42,600 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Blue Corporation: