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Question 8 Bracebridge Incorporated and Muskoka Incorporated exchanged equipment, with Muskoka Incorporated also giving Bracebridge Incorporated $450,000 as part of the exchange. The transaction lacks commercial substance. A summary of the exchange (which occurred on December 31, 2020) is as follows: Equipment Originally Owned by Equipment Originally Owned by Bracebridge Incorporated Muskoka Incorporated Appraised Value $12,000,000 $11,500,000 Cost $14,000,000 $13,500,000 Accumulated Depreciation (at December 31, 2020) $6,500,000 $7,000,000 Required a) Prepare all required journal entries in good form on the books of both Bracebridge Incorporated and Muskoka Incorporated. (18 marks) b) Repeat part (a) but assume the transaction has commercial substance. (18 marks)