-Attempt History ent Attempt in Progress esented below are two independent transactions. Both transactions have commercial substance. 1. Blue Spruce Co. exchanged old trucks (cost $66,000 less $21,500 accumulated depreciation) plus cash of $16,000 for new trucks. The old trucks had a fair value of $41,400. 2. Swifty Inc. trades its used machine (cost $10,500 less $3,500 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,100), Swifty also paid cash of $3,000. (a) Your answer is correct. Eppuce Co-fist all debit entries before credit entries. Credit ! (b) Prepare the entry to record the exchange of assets by Swifty Inc. (List all debit entries before credit entries. 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 0 for the amounts. Include in your journal entry separate account entries for both the new and old equipment.) Account Titles and Explanation Debit Credit