Flounder is a cologne retailer. During 2020, Flounder had the following non-monetary transactions. Scenario 1: Flounder exchanged 5,200 of its common shares (FMV of $9 each) for equipment with a FMV of $52,000. Scenario 2: Flounder traded machinery with a cost of $15,300 and accumulated depreciation of $6,120 for an inventory management equipment owned by Francis Inc. which is expected to help increase the speed with which Flounder fills its orders. An additional $2,700 was paid by Flounder in the exchange. The inventory management equipment has a cost of $20,600 and accumulated depreciation of $12,360 on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $10,080 and $12,780 respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Flounder 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 Ofor the amounts.) No. Account Titles and Explanation Debit Credit Scenario 1 Scenario 2