Impatiens Company exchanged machinery with an appraised value of $585,000, a recorded cost of $900,000, and...

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Impatiens Company exchanged machinery with an appraised value of $585,000, a recorded cost of $900,000, and accumulated depreciation of $450,000 with Pansy Corporation for machinery Pansy owns. The machinery has an appraised value of $565,000, a recorded cost of $1,080,000, and accumulated depreciation of $594,000. Pansy also gave Impatiens $20,000 cash in the exchange. Assume depreciation has already been recorded up to the date of the exchange. REQUIRED: (1) Prepare the general journal entries, in proper form, necessary to record the above transaction on the books of both companies, assuming the exchange has commercial substance. Omit explanations. Round all calculations to the nearest whole dollar. (2) Prepare the general journal entries, in proper form, necessary to record the above transaction on the books of both companies, assuming the exchange lacks commercial substance. Omit explanations. Round all calculations to the nearest whole dollar. Impatiens Company exchanged machinery with an appraised value of $585,000, a recorded cost of $900,000, and accumulated depreciation of $450,000 with Pansy Corporation for machinery Pansy owns. The machinery has an appraised value of $565,000, a recorded cost of $1,080,000, and accumulated depreciation of $594,000. Pansy also gave Impatiens $20,000 cash in the exchange. Assume depreciation has already been recorded up to the date of the exchange. REQUIRED: (1) Prepare the general journal entries, in proper form, necessary to record the above transaction on the books of both companies, assuming the exchange has commercial substance. Omit explanations. Round all calculations to the nearest whole dollar. (2) Prepare the general journal entries, in proper form, necessary to record the above transaction on the books of both companies, assuming the exchange lacks commercial substance. Omit explanations. Round all calculations to the nearest whole dollar.