specified. Points will be dedu I JUU Blue and Red Company enter into an agreement for the trade of certain nonmonetary assets The machines exchanged by Blue Company have a book value of $245,000 (cost $325.000 less accumulated depreciation of $80,000) and a fair value of $275,000. The trucks given up by Red Company have a book value of $ 260,000 (cost $ 350,000 less accumulated depreciation S 90.000 and a fair value of $ 290,000. In addition to the exchange of the assets, Blue agrees to pay Red Company $15,000 as part of the transaction Assume that the exchange lacks commercial substance. Instructions: Record the exchange transactions for Blue Company and Red Company. For Blue Date Account Titles Debit Credit Step 1: Assets given up Assets received Step 2: Determine gain or loss For Red Date Account Titles Debit Credit Step 1: Assets given up Assets received Step 2 Determine gain or loss