Can I get help with letter C and D only please

Reporting an Asset Exchange

Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows.

	Clarksten Co.	Kay Inc.
Equipment given up:
Equipment (original cost)	$60,000	$70,000
Accumulated depreciation	20,000	24,000
Fair value	36,000	48,000
Cash exchanged	(12,000)	12,000

Answer the following questions, rounding your answers to the nearest whole number. a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction has commercial substance. c. Record the exchange for Clarksten Co. assuming the transaction lacks commercial substance. d. Record the exchange for Kay Inc. assuming the transaction lacks commercial substance.

Note: If a line in a journal entry isn't required for a transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero)

• Exchange has commercial substance
• Exchange lacks commercial substance

c.

Account Name	Dr.	Cr.
Equipment (new)	Answer	Answer
	Answer	Answer
	Answer	Answer
Equipment (old)	Answer	Answer
	Answer	Answer

d.

Account Name	Dr.	Cr.
Cash	Answer	Answer
Equipment (new)	Answer	Answer
	Answer	Answer
Equipment (old)	Answer	Answer
	Answer	Answer