Crane Company exchanged equipment used in its manufacturing operations plus $3,960 in cash for similar equipment used in the operations of Cheyenne Company. The following information pertains to the exchange.

Crane Company exchanged equipment used in its manufacturing operations plus $3,960 in cash for similar equipment used in the operations of Cheyenne Company. The following information pertains to the exchange. Crane Co. Cheyenne Co. Equipment (cast) $36,960 $36,960 Accumulated depreciation 25,080 13,200 Fair value of equipment 16,500 20,460 Cash given up 3,960 Part 1 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks 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 for the amounts.) Account Titles and Explanation Debit Credit Crane Company Equipment Accumulated Depreciation Equipment Equipment Cash Cheyenne Company e Textbook and Media