2 (9 marks) Stewart Company exchanges an asset with Leonard Corporation. Details of the exchange are as follows: Cost Stewart company's Piece of Equipment Accumulated depreciation Fair Value $1,000,000 400,000 $800,000 Leonard Corporation's Building: $1,200,000 550,000 950,000 Required a) Prepare the appropriate journal entries for both companies for the above exchange assuming they are public companies. b) If Stewart Company paid $100,000 in this transaction. Record the appropriate journal entry in Stewart's books. c) Repeat b) assuming that Stewart Company is a private company and that the fair value of Leonard's building is the most determinable fair value