1) Work Room Corp. purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2019, Work Room exchanged the equipment for new equipment, paying $65,000 cash. The market value of the new equipment is $65,000. Prepare the journal entry to record this transaction. Assume the exchange had commercial substance. 2) Journey Corp. purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2017, Journey exchanged the equipment for new equipment, paying $56,000 cash. The market value of the new equipment is $65,000. Prepare the journal entry to record this transaction. Assume the exchange has commercial substance