Exercise 10-15 Presented below are two independent transactions. Both transactions have commercial substance.

1.	Mercy Co. exchanged old trucks (cost $64,000 less $19,000 accumulated depreciation) plus cash of $15,500 for new trucks. The old trucks had a fair value of $41,300.
2.	Pence Inc. trades its used machine (cost $11,880 less $3,960 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $11,220), Pence also paid cash of $3,100.

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Prepare the entry to record the exchange of assets by Mercy Co. (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.)

Account Titles and Explanation	Debit	Credit

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Prepare the entry to record the exchange of assets by Pence Inc. (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.)

Account Titles and Explanation	Debit	Credit