Sumo company exchange an equipment with a apprasied value of $1755000, a recorded cost of $2700000 and accumulated depreciation of $1350000 with King company for king equipment. King equipment has an appraised value of $1695000, a recorded cost of $3240000 and accumulated of $1782000.King give sumo $60000 in the exchange. Assume depreciation has already been updated.
1. prepare the entries on both companies books assuming that the exchange had commercial substance
2.prepare the entries on bothcompanies books assuming that the exchange lacked commercial substance.

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