During the current year, Sarasota Construction trades an old crane that has a book value of $115,200 (original cost $179,200 less accumulated depreciation $64,000) for a new crane from Ivanhoe Manufacturing Co. The new crane cost Ivanhoe $211,200 to manufacture and is classified as inventory. The following information is also available.

		Sarasota Const.			Ivanhoe Mfg. Co.
Fair value of old crane		$104,960
Fair value of new crane					$256,000
Cash paid		151,040
Cash received					151,040

Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Sarasota Construction and (2) Ivanhoe Manufacturing.

Assuming that this exchange lacks commercial substance for Sarasota, prepare the journal entries on the books of (1) Sarasota Construction and (2) Ivanhoe Manufacturing.

Assuming the same facts as those in (a), except that the fair value of the old crane is $125,440 and the cash paid is $130,560, prepare the journal entries on the books of (1) Sarasota Construction and (2) Ivanhoe Manufacturing.

Assuming the same facts as those in (b), except that the fair value of the old crane is $124,160 and the cash paid $131,840, prepare the journal entries on the books of (1) Sarasota Construction and (2) Ivanhoe Manufacturing.