9.2 In 2021, Clematis Inc., had the following transaction involving equipment. i. The company traded-in old equipment at a dealership for a newer, more efficient model. The old equipment had been purchased for $40,000 ten years ago and has since been fully depreciated using the units-of- production method. The new equipment had a fair value of $55,000 but as the old equipment was recently appraised at a fair value of $2,000, Clematis only paid $53,000 cash to the dealership for the new equipment. Instructions: Prepare the journal entry to record the disposal and purchase of equipment ii. Clematis traded one of its lawnmower (cost $2.000, accumulated depreciation $1.200) for another lawn mower with a fair value of $1,300. Clematis also paid $200 to complete the transaction. Instructions: Assuming the transaction lacks commercial substance: prepare the journal entry to record the exchange. End of the exam. Have a good break and best wishes on your future endeavors