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Blue Corporation exchanged equipment used in its manufacturing operations for equipment used in the operations of Kingbird Ltd. The following information pertains to the exchange: Blue Corp. $84,100 46,200 Equipment (cost) Accumulated depreciation Fair value of old equipment Cash given up Kingbird Ltd. $84,100 41,100 42,800 42.400 400 Both companies agreed that the exchange did not have commercial substance. Prepare the necessary journal entries to record the asset exchange on the books of both companies. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Blue Corporation: Account Titles and Explanation Debit Credit V Kingbird Ltd.: Account Titles and Explanation Debit Credit