help with journal entries

Traverse Corporation traded a piece of equipment with another company in exchange for another piece of equipment. Details of the exchange are as follows: Click the icon to view the details.) Requirements a. Record the transaction for Traverse, assuming the exchange has no commercial substance Data Table b. Record the transaction for Traverse, assuming the exchange has commercial substance c. Explain the rationale for the accounting treatment for exchanges without commercial substance. Halorical cost of old asset Requirement a. Record the transaction for Traverse, assuming the exchange has no commercial substance. Accumulated depreciation of old asset Accounts Debit Credit Fat market value of old asset (a) Fair market value of new asset Cash paid $ 250,000 70,000 Date 207.500 217,500 10,000 Print Done Requirement b. Record the transaction for Traverse, assuming the exchange has commercial substance (Record debits first, then credits. Explanations are not required) Date Accounts Debit Credit (b) follows: Traverse Corporation traded a piece of equipment with another company in exchange for another piece of equipment. Details of the exchange are as Click the icon to view the details.) Requirements a. Record the transaction for Traverse, assuming the exchange has no commercial substance. b. Record the transaction for Traverse, assuming the exchange has commercial substance c. Explain the rationale for the accounting treatment for exchanges without commercial substance. Explanations are not required) Date Debit Credit (D) Accounts Requirement c. Explain the rationale for the accounting treatment for exchanges without commercial substance. The rationale for the accounting treatment for exchanges without commercial substance is that such exchanges earnings process. Consequently, are recognized on the exchange in a culmination of the do not result Choose from any list or enter any number in the input fields and then continue to the next question result Save for Later