Homework: Chapter 11 Homework Score: 0 of 2 pts 22 of 24 (1 E11-32 (similar to) You have been asked to account for a plant asset exchange on the books of the Marmol Video Game Company. (Click the icon to view additional information.) Account June 1, 2018 2 of 24 (18 complete) HW Score: 66.21%, 19.2 of 29 pts Question Help Requirement Prepare the journal entry for Marmol to record the exchange, if the exchange lacked commercial substance. Assume that the Marmol Video Game Company reports under IFRS. (Record debits first, then credits. Exclude explanations from any journal entries.) Score: 0 of 2 pts 22 of 24 (18 complete) E11-32 (similar to) You have been asked to account for a plant asset exchange on the books of the Marmol Video Game Company. (Click the icon to view additional information.) Requireme Prepare the the Marmo journal ents Account June 1, 2018 Accumulated Depreciation-Machinery (New) Accumulated Depreciation-Machinery (Old) Cash Depreciation Expense Gain on Exchange of Machinery Loss on Exchange of Machinery Machinery (New) Machinery (Old) me 1, 2018 More Info - X On January 1, 2013, Marmol acquired a plastic extruding machine at a cost of $166,000. This machine had an original estimated useful life of 12 years and a scrap value of $22,000. The machine was depreciated using the straight-line method. On June 1, 2018, Marmol exchanged the old machine for a similar asset with a market value of $142,200. Marmol also received cash of $15,800. The estimated fair value of the old machine is equal to $158,000. The old machine was depreciated up to December 31, 2017 Print Done nd then click Check