During the current year, Waterway Construction trades an old crane that has a book value of $124,200 (original cost $193,200 less accumulated depreciation $69,000) for a new crane from Wildhorse Manufacturing Co. The new crane cost Wildhorse $227,700 to manufacture and is classified as inventory. The following information is also available. Fair value of old crane Fair value of new crane Cash paid Cash received Waterway Const. $113,160 162,840 Wildhorse Mfg.Co. $276,000 162,840

During the current year, Waterway Construction trades an old crane that has a book value of $124,200 loriginal cost $193,200 less accumulated depreciation $69,000 ) for a new crane from Wildhorse Manufacturing C0. The new crane cost Wildhorse $227.700 to manufacture and is classified as inventory. The following information is also available. Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Waterway Construction and (2) Wilthorse Manufacturing. (Credit account tittes are outomatically 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. List all debit entries before credit entries:) 2. Wildhorse Manufacturing (To record revenue) (To record cost of inventory)