Aylmer Inc. exchanged equipment used in its business for similar equipment used by Belmont Inc. Belmont paid Aylmer $7,000 cash as part of the deal. The following information relates to the assets of the two companies at the time of the exchange. S Equipment (cost) Accumulated Depreciation Fair value of the equipment Aylmer Inc. 63,250 46.800 23,000 Belmont Inc. 71,090 58,990 19,000 S $ S S Instructions: a) Prepare the journal entry for Aylmer Inc. To record the transaction if the exchange is deemed to have commercial substance. Date Description Dr Cr have NO b) Prepare the journal entry for Belmont Inc. to record the transaction if the exchange is deemed commercial substance. Date Description Dr Cr