Crane Company exchanged equipment used in its manufacturing operations plus $3,900in cash for similar equipment used in the operations of Cheyenne Company. The following information pertains to the exchange.

CraneCo. CheyenneCo.

Equipment (cost) $36,400 $36,400

Accumulated depreciation 24,700 13,000

Fair value of equipment 16,250 20,150

Cash given up 3,900

A. 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 0 for the amounts.)

B. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has 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 0 for the amounts.)