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Below is the information relative to an exchange of assets by Stanton Company. The exchange...

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Accounting

Below is the information relative to an exchange of assets by Stanton Company. The exchange has commercial substance. In case 1 FMV of new asset is $270,000; in case 2 the FMV of the new asset is $156,000.

Old Equipment

New Eqpt

Book Value

Fair Value

Cash Paid

Fair Value

Case I

$225,000

$225,000

$45,000

$270,000

Case II

$150,000

$135,000

$21,000

$156,000

Record the 2 Journal Entries from the above cases

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Accounting