Problem 2 (7.5 marks) Goodman Company exchanges an asset with The Pryce Corporation. Details of the exchange are as follows: Goodman's Piece of equipment: Cost $800,000 Accumulated depreciation 230,000 Fair value 700,000 Pryce's building: Cost Accumulated depreciation Fair value $960,000 350,000 850,000 Required- a) Prepare the journal entry in the books of both Goodman and Pryce, assuming both are public companies. b) Assume now that Goodman paid $80,000 in this transaction. Record the appropriate journal entry in Goodman books. c) Repeat b) assuming now that Goodman is a private company and that the fair value of Pryce's building is the most determinable fair value