During the current year, Sheridan Construction trades an old crane that has a book value of \( \$ 102,600 \) (original cost \( \$ 159,600 \) less accumulated depreciation \( \$ 57,000 \) ) for a new crane from Skysong Manufacturing Co. The new crane cost Skysong \( \$ 188,100 \) to manufacture and is classified as inventory. The following information is also available.
\begin{tabular}{|c|c|c|}
\hline & Sheridan Const. & Skysong Mfg. Co. \\
\hline Fair value of old crane & \( \$ 93,480 \) & \\
\hline Fair value of new crane & & \( \$ 228,000 \) \\
\hline Cash paid & 134,520 & \\
\hline Cash received & & 134,520 \\
\hline
\end{tabular}
(a)
Assuming that this exchange is considered to have commercial substance, prepare the journal entries on the books of (1) Sheridan Construction and (2) Skysong Manufacturing. (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. List all debit entries before credit entries.)
No. Account Titles and Explanation
Debit
Credit
1.
Sheridan Construction \( \qquad \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \)
2 . Skysong Manufacturing \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \)
(To record revenue) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \) \( \square \)