ASSIGNMENT 3 (10 points) On June 1, 2019, Acme Inc. and Masters Corp. finalized a transaction for the exchange of equipment Acme has on its books equipment with an original cost of $40,000 and accumulated depreciation of $28,000. Masters' equipment originally cost $90,000 with accumulated depreciation of $72,000. The Fair Value of Masters' equipment is $25,000. Acme exchanges its equipment with Masters, paying Masters $15,000 in cash. Instructions: Prepare the Journal Entries to the record the exchange on the books of both companies. Assume the transaction lacks commercial substance. JE for Acme Account Titles and Explanation Debit Credit Date 6/1 2019 JE for Masters Account Titles and Explanation Debit Credit Date 6/1 2019