Crane Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long, the accountant, who had never before seen such a machine, managed to break the machine. Crane Corporation gave the machine plus $354 to Cheyenne Business Machine Company (dealer) in exchange for a new machine. Assume the following information about the machines. Crane Corp. (Old Machine) Machine cost Accumulated depreciation Fair value $302 146 Cheyenne Co. (New Machine) $281 -0- 442 88 For each company, prepare the necessary journal entry to record the exchange. (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 o for the amounts.) Debit Credit Account Titles and Explanation Crane Corporation Cheyenne Business Machine Company