Presented below are two independent transactions. Both transactions have commercial substance. 1 Swifty Co.exchanged old trucks (cost $68,000 less 18,000 accumulated depreciation) plus cash of $17.500 for new trucks. The old trucks had a fair value of $45,600. Blue Spruce Inc. trades its used machine (cost $11,520 less $3,840 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,480), Blue Spruce also paid cash of $3,500, 2. Prepare the entry to record the exchange of assets by Swifty Co. (List all debit entries before credit entries. 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. Include in your journal entry separate account entries for both the new and old equipment) Account Titles and Explanation Debit Credit Prepare the entry to record the exchange of assets by Blue Spruce Inc. (List all debit entries before credit entries. 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. Include in your journal entry separate account entries for both the new and old equipment.) Account Titles and Explanation Debit Credit