ACCT $216-$ Intermediate Financial Accounting $2$ Assignment #$2$ LOs $2$ & $3-$ Chapters $10$ & $11$ Name: $2.6$ marks $83,348$ $ $261,424$ $ $326,780$ $ $94,687$ $ $735$ $ Required: $1.2.$Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to lack commercial substance. $(2$ marks$)$ New Ventures Construction Company purchased excavation equipment on March $15,2019.$ On June $19,2023,$ New Ventures exchanged this equipment for construction equipment owned by Traditional Concepts Inc. Other information pertaining to the exchange follows: Cost of old excavation equipment to New Ventures Cash received by New Ventures in the exchange Fair value of old excavating equipment owned by New Ventures on the date of the exchange Accumulated depreciation recorded by New Ventures on the old excavation equipment Fair value of equipment received by New Ventures in the exchange Prepare the journal entry for New Ventures Corporation to record the exchange, assuming the transaction is determined to have commercial substance. $(4$ marks$)$