2. New Ventures Construction Company purchased excavation equipment on March 15, 2019. ks On June 19,...

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2. New Ventures Construction Company purchased excavation equipment on March 15, 2019. ks On June 19, 2023, New Ventures exchanged this equipment for construction equipment owned by Traditional Concepts Inc. Other information pertaining to the exchange follows: Accumulated depreciation recorded by New Ventures on the old Fair value of old excavating equipment owned by New Ventures on the date of the exchange $ 81,159 SSSS 247,419 309,274 $ 91,623 516 excavation equipment Cost of old excavation equipment to New Ventures Fair value of equipment received by New Ventures in the exchange Cash received by New Ventures in the exchange Required: 1. Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to have commercial substance. (4 marks) 2. Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to lack commercial substance. (2 marks) 2. New Ventures Construction Company purchased excavation equipment on March 15, 2019. ks On June 19, 2023, New Ventures exchanged this equipment for construction equipment owned by Traditional Concepts Inc. Other information pertaining to the exchange follows: Accumulated depreciation recorded by New Ventures on the old Fair value of old excavating equipment owned by New Ventures on the date of the exchange $ 81,159 SSSS 247,419 309,274 $ 91,623 516 excavation equipment Cost of old excavation equipment to New Ventures Fair value of equipment received by New Ventures in the exchange Cash received by New Ventures in the exchange Required: 1. Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to have commercial substance. (4 marks) 2. Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to lack commercial substance. (2 marks)