During the current year, Skysong Construction trades an old crane that has a book value of $111,600 (original cost $173,600 less accumulated depreciation $62,000) for a new crane from Concord Manufacturing Co. The new crane cost Concord $204,600 to manufacture and is classified as inventory. The following information is also available. Fair value of old crane Fair value of new crane Skysong Const. Concord Mfg. Co. $101,680 Cash paid Cash received $248,000 146,320 146,320 Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Skysong Construction and (2) Concord 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 O for the amounts.) No. Account Titles and Explanation 1. Skysong Construction 2. Concord Manufacturing Debit Credit Assuming that this exchange lacks commercial substance for Skysong, prepare the journal entries on the books of (1) Skysong Construction and (2) Concord 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 O for the amounts.) No. Account Titles and Explanation 1. Skysong Construction 2. Concord Manufacturing Debit Credit Assuming the same facts as those in (a), except that the fair value of the old crane is $121.520 and the cash paid is $126.480. prepare the journal entries on the books of (1) Skysong Construction and (2) Concord 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 O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Skysong Construction 2. Concord Manufacturing Assuming the same facts as those in (b), except that the fair value of the old crane is $120,280 and the cash paid $127,720, prepare the journal entries on the books of (1) Skysong Construction and (2) Concord 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 O for the amounts.) No. Account Titles and Explanation 1. Skysong Construction Debit Credit 2. Concord Manufacturing