II! Current Attempt in Progress Crane Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Blue Limited. Crane also paid Blue $2,700 in cash. The following information pertains to the exchange. Crane Blue $59,000 $64,000 Equipment (cost) Accumulated depreciation Fair value of equipment 30,750 21,000 30,000 32,700 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (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 for the amounts.) Crane Limited -11 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (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 for the amounts.) Crane Limited Account Titles and Explanation Debit Credit Air Blue Limited Account Titles and Explanation Debit Credit 1 e Textbook and Media List of Accounts MacBook Air uestion 6 of 9 -11 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not to have commercial substance. (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 for the amounts.) Crane Limited Account Titles and Explanation Debit Credit 1 Blue Limited Blue Limited Account Titles and Explanation Debit Credit eTextbook and Media MacBook Air