Crane Ltd. wished to purchase some new equipment for its factory. However, due to recent cash flow difficulties, Crane did not have enough cash on hand to complete the transaction. The equipments vendor agreed to accept 1,350 common shares in Crane in exchange for the equipment. Cranes shares were actively trading at $14.50/share on the day of the exchange.

Prepare the journal entry to record the purchase of the equipment on Cranes books, assuming the list price for the equipment was $21,455. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Prepare the journal entry assuming that Crane was a private company whose shares do not trade actively and that the equipment had a quoted fair value of $21,055. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit