Progress Crane SpA which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of invoices with the use of an adding machine. Before long the accountant, who had never before seen such a machine, broke it. Crane gave the machine plus 374 to Cheyenne Business Machine AG (dealer) in exchange for a new machine. Assume the following information about the machines Crane SpA Cheyenne AG (Old (New Machine) Machine) Machine cost 319 297 Accumulated depreciation 154 Fair value 468 -0- 94 For each company, prepare the necessary journal entry to record the exchange (The exchange has commercial substance) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old machinery and inventory. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Crane SPA Debit Credit