3 pg dn The Morgan Company exchanges a piece of equipment having a book value of $55,000 and a fair value of $61,000 to Ethan Company who exchanges a piece of equipment with a book value of $45,000 and a alt fair value of $63,000. The equipment has commercial value. Morgan also pays an additional $2,000 in cash to Ethan. At what amount should Morgan record the new piece of equipment? Question 4 Assume the same facts as in Question 3 above except that the equipment has no commercial substance to either party What amount should Morgan record the new asset. What amount should Ethan record its new asst. a. b