Part a) DJ is an up and coming artist in Fort Langley. She bought her equipment on January 1, 2016. This equipment set consists of a turntable, Sony speakers and a DJ mixer, which have stand- alone prices of $8,000, $4,800 and $3,200 respectively. DJ negotiated to buy this equipment se as a bundled package at a total cost of $10,000. Required: 1. Record the purchase of these PP&E assets on January 1, 2016. Part b) In the summer of 2020, Local Club owner Groen, who provides high-end DJ equipment to the Langley community, offers to take DJ Serena's Sony speakers in exchange for new Bose speakers. In addition to the trade-in of Sony speakers, Serena also pays $5,000 cash to close the deal. At this time the market value of the Sony speakers is estimated to be $1,500 and the market value of the Bose speakers is $7,000. At the time of disposal, the Sony speakers have accumulated depreciation of $1,464. Required 2. Record the purchase of the Bose speakers on DJ's books (assume that the exchange has commercial substance). 3. Briefly discuss the accounting practice for non-monetary transactions that have no commercial substance. How would the asset received from the exchange be recorded, and how to record the gain or loss resulting from the exchange