On August 1, Grand Company exchanged a machine for a similar machine owned by Coors Company and also received $7,000 cash from Coors Company. Grand's machine had an original cost of $80,000, accumulated depreciation to date of $14,500, and a fair market value of $80,000. Coors machine had an original cost of $95,000 and a book value of $45,000 and a fair value of $73,000. Assuming NO commercial substance, A) Prepare the necessary journal entry by Grand Company to record this transaction. B) Prepare the necessary journal entry by Coors Company to record this transaction.