Crane Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Blue Limited. Crane also paid Blue $2,700 in cash. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Crane $59,000 30,750 30,000 Blue $64,000 21,000 32,700 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (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.) Crane Limited Account Titles and Explanation Debit Credit Blue Limited Account Titles and Explanation Debit Credit