Presented below are two independent transactions. Both transactions have commercial substance. 1. Blue Spruce Co.exchanged old trucks (cost $62,500 less $21,000 accumulated depreciation) plus cash of $16,500 for new trucks. The old trucks had a fair value of $36,600. Blossom Inc. trades its used machine (cost $11,670 less $3,890 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,880), Blossom also paid cash of $3,000. 2. Prepare the entry to record the exchange of assets by Blue Spruce Co. (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 for the amounts.) Account Titles and explanation Debit Credit Prepare the entry to record the exchange of assets by Blossom Inc. (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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts