Blossom Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Ayayai Limited. Blossom also paid Ayayai $2,800 in cash. The following information pertains to the exchange.

the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (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 0 for the amounts. List all debit entries before credit entries.)

		Blossom		Ayayai
Equipment (cost)		$48,500		$53,500
Accumulated depreciation		30,250		21,000
Fair value of equipment		26,000		28,800