During the current year, Nash Construction trades an old crane that has a book value of $91,800 (original cost $142,800 less accumulated depreciation $51,000) for a new crane from Crane Manufacturing Co. The new crane cost Crane $168,300 to manufacture and is classified as inventory. The following information is also available. Nash Const. Crane Mfg. Co. Fair value of old crane $83,640 Fair value of new crane $204,000 Cash paid 120,360 Cash received 120,360 Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Nash Construction and (2) Crane Manufacturing. (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.) No. Account Titles and Explanation Debit Credit 1. Nash Construction 2. Crane Manufacturing (To record exchange of inventory) (To record cost of inventory) SHOW LIST OF ACCOUNTS Assuming that this exchange lacks commercial substance for Nash, prepare the journal entries on the books of (1) Nash Construction and (2) Crane Manufacturing. (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.) No. Account Titles and Explanation Debit Credit 1. Nash Construction 2. Crane Manufacturing (To record exchange of inventory) (To record cost of inventory) SHOW LIST OF ACCOUNTS Assuming the same facts as those in (a), except that the fair value of the old crane is $99,960 and the cash paid is $104,040, prepare the journal entries on the books of (1) Nash Construction and (2) Crane Manufacturing. (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.) No. Account Titles and Explanation Debit Credit 1. Nash Construction 2. Crane Manufacturing (To record exchange of inventory) (To record cost of inventory) SHOW LIST OF ACCOUNTS Assuming the same facts as those in (b), except that the fair value of the old crane is $98,940 and the cash paid $105,060, prepare the journal entries on the books of (1) Nash Construction and (2) Crane Manufacturing. (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.) No. Account Titles and Explanation Debit Credit 1. Nash Construction 2. Crane Manufacturing (To record exchange of inventory) (To record cost of inventory)