During the current year, Bramble Construction Ltd. traded in two relatively new small cranes (cranes no. 6RT and S79) for a larger crane that Bramble expects will be more useful for the particular contracts that the company has to fulfill over the next couple of years. The new crane is acquired from Sheffield Manufacturing Inc., which has agreed to take the smaller equipment as trade-ins and also pay $12,000 cash to Bramble. The new crane cost Sheffield $165,500 to manufacture and is classified as inventory. The following information is available: Sheffield Cost of crane #6RT Cost of crane #579 Accumulated depreciation, #6RT Accumulated depreciation, #579 Fair value, #6RT Fair value, #S79 Fair value of new crane Cash paid Cash received Bramble $123,000 118,000 13,000 16,000 123,000 87,500 $198,500 12,000 12,000 (a) Assume that this exchange has commercial substance. Prepare the journal entries on the books of (1) Bramble Construction and (2) Sheffield Manufacturing. Sheffield uses a perpetual inventory system. (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.) Bramble Construction Account Titles and Explanation Debit Credit Sheffield Manufacturing Debit Account Titles and Explanation Credit (To record sale with trade-in) (To record cost of goods sold) LINK TO TEXT