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Crane Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of Cheyenne Company. The following information pertains to the exchange. Crane Co. Cheyenne Co. $42,000 Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up $42.000 28,500 18.750 15,000 23,250 4,500 (a) Prepare the journal entries o record the exchange on the books of both companies. Assume that the exchange lacks commercial substance (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.) Debit Credit Account Titles and Explanation Crane Company