obat Reader File Edit View Window Help 8 ) 100% 2001- IC Chapter 10 $ 12th edition.pdf Tools C01 - ICQ Chapte... * E 10-18 (Nonmonetary Exchange) Stacey Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Chokar Limited. Stacey also paid Chokar $3,000 in cash. The following information pertains to the exchange: Equipment (cost) Accumulated depreciation Fair value of equipment Stacey $50,000 31,250 25,000 Chokar $55,000 22,000 28,000 Instructions a) Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. b) Repeat part (a), assuming the exchange is determined not to have commercial substance