Buffalo is a cologne retailer. During 2020, Buffalo had the following non-monetary transactions. Scenario 1: Buffalo exchanged 5,500 of its common shares (FMV of $9 each) for equipment with a FMV of $55,000. Scenario 2: Buffalo traded machinery with a cost of $16,000 and accumulated depreciation of $6,400 for an inventory management equipment owned by Francis Inc. which is expected to help increase the speed with which Buffalo fills its orders. An additional $2,700 was paid by Buffalo in the exchange. The inventory management equipment has a cost of $21,500 and accumulated depreciation of $ 12,900 on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $10,500 and $13,200 respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Buffalo follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit No. Scenario 1 Scenario 2