Please help me at your earliest convenience to understand practice question and add your calculations too. CPA Practice Question Beeman Company exchanged machinery with an appraised value of $3,487,000, a recorded cost of $5,358,000 and accumulated depreciation of $2,679,000 with Lacey Corporation for machinery Lacey owns. The machinery has an appraised value of $3,391,500, a recorded cost of $6,470,000, and accumulated depreciation of $3,558,500. Lacey also gave Beeman $95,500 in the exchange. Assume depreciation has already been updated.

Prepare the entries on both companies' books assuming that the exchange had commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Beeman

Account Titles and Explanation	Debit	Credit

Lacey

Account Titles and Explanation	Debit	Credit

Prepare the entries on both companies' books assuming that the exchange lacked commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 12,515.) Beeman

Account Titles and Explanation	Debit	Credit

Lacey

Account Titles and Explanation	Debit	Credit

Please help me at your earliest convenience to understand practice question and add your calculations too. CPA Practice Question Beeman Company exchanged machinery with an appraised value of $3,487,000, a recorded onst of $5,358,000 and accumulated depreciation of $2,679,000 with Lacey Corporation for machinery Lacey owns. The machinery has an appraised value of $3,391,500, a recorded cost of $6,470,000 and accumulated depreciation of $3,558,500. Lacey also gave Bee $95,500 in the exchange. man depreciation has already been updated. Prepare the entries on both companies' books essNDing.thaL the exchange had commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Lace Account Titles and Explanation Credit Prepare the entries an both companies' books esswoina.that the exchange lacked commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 12,515.) Account Titles and Explanation Credit Lace Account Titles and Explanation Credit