I have attached the file on exchange on fixed assets.

Part 1: Assume that the following cases are independent and rely on the following data. Jackson Co. and Lansing Co. traded equipment on 7/1/2015. The exchange has commercial substance. Prepare journal EXCHANGE INFORMATION FOR BOTH COMPANIES: Equipment (cost) Accumulated depreciation Fair value of equipment Jackson: Lansing: ### ### $ 500,000 ### ### ### Exchange journal entry for Jackson Inc: Date 7/1/2015 Description Asset from Lansing Accumulated depreciation Gain on exchange Asset Jackson Debit Credit ### ### has commercial substance Exchange journal entry for Lansing Inc: Date has commercial substance Description Debit Credit Part 1: Assume that the following cases are independent and rely on the following data. Jackson Co. and Lansing Co.EXCHANGE traded equipment on 7/1/2015. The exchange has commercial substance. Prepare journal Jackson: Lansing: entries to record this exchange for both companies. INFORMATION FOR BOTH COMPANIES: Equipment (cost) Accumulated depreciation Fair value of equipment ### $ 500,000 ### ### ### ### Exchange journal entry for Jackson Inc: Date 7/1/2015 Description Asset from Lansing Accumulated depreciation Gain on exchange Asset Jackson Debit Credit ### $ 500,000 $ 100,000 ### has commercial substance Exchange journal entry for Lansing Inc: Date 7/1/2015 Description Asset from Jackson Asset Jackson Gain on exchange Asset Lansing has commercial substance Debit Credit ### ### $ 200,000 ### Part 1: Assume that the following cases are independent and rely on the following data. Jackson Co. and Lansing Co.EXCHANGE traded equipment on 7/1/2015. The exchange has commercial substance. Prepare journal Jackson: Lansing: entries to record this exchange for both companies. INFORMATION FOR BOTH COMPANIES: Equipment (cost) Accumulated depreciation Fair value of equipment ### $ 500,000 ### ### ### ### Exchange journal entry for Jackson Inc: Date 7/1/2015 Description Asset from Lansing Accumulated depreciation Gain on exchange Asset Jackson Debit Credit ### $ 500,000 $ 100,000 ### has commercial substance Exchange journal entry for Lansing Inc: Date 7/1/2015 Description Asset from Jackson Asset Jackson Gain on exchange Asset Lansing has commercial substance Debit Credit ### ### $ 200,000 ###