Equipment Cost $540,000 Land Fair Value $520,000 Accumulated depreciation $460,000 Fair value ? Cash $340,000 Transaction "b" has commercial substance. Requirement: Prepare the journal entries to record the two exchanges.antos Corporation had the following two exchanges of property, plant, and equipment during 2023: Assets Given Assets Received a. Land Cost $1,000,000 Land Fair Value $1,000,000 Fair value $1,000,000 Building Cost $4,800,000 Building Fair Value $3,000,000 Accumulated depreciation $2,160,000 Fair value $3,000,000 Transaction "a" lacks commercial substance. b. Equipment Cost $540,000 Land Fair Value $520,000 Accumulated depreciation $460,000 Fair value ? Cash $340,000 Transaction "b" has commercial substance. Requirement: Prepare the journal entries to record the two exchanges