CORRECT ANSWER NEEDED ASAP THROUGH SPREADSHEET

During 20x4, an entity exchanged a hotel in exchange for an office building. Data

on the hotel is as follows:

Original cost $6,700,000

Accumulated depreciation 3,800,000

Fair value 3,500,000

The fair value of the office building is $3,400,000.

1. Assuming that the entity is a publicly accountable entity, prepare the

journal entry to record the asset exchange.

2. What would be the sole difference in the accounting treatment of the

exchange if the entity was a private company subject to ASPE?