The Williamsport Crosscutters baseball team had a player contract with Clemens (a promising young catcher) that was recorded in its accounting records at $500,000. The Reading Phillies hada player contract with Ruiz (a veteran outfielder) that was recorded in its accounting records at $800,000. The Crosscutters traded Clemens to Reading for Ruiz by exchanging contracts. At the time of the trade, the estimated fair value of each contract was $1,000,000. Both teams were in the midst of pennant races and believed that the trade addressed weaknesses in their respective rosters.

Required:

Prepare the journal entries to record the player trade for both Williamsport and Reading. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)