2. Charlotte Company exchanged machinery with an appraised value of $600,000, a recorded cost of $1,055,000 and accumulated depreciation of $415,000 with Eleanor Corporation for machinery Eleanor owns. Eleanor's machinery has an appraised value of $585,000, a recorded cost of $1,100,000, and accumulated depreciation of $614,000. Eleanor also gave Charlotte $15,000 in cash in the exchange. Assume depreciation has already been updated. Required: a. Prepare the entries on both companies' books assuming that the transaction is considered to have commercial substance. b. Prepare the entries on both companies' books assuming that the transaction is considered to lack commercial substance