IT. Nonmonetary Exchange Frank Company exchanged equipment used in its manufacturing operations plus $10,000 in cash for similar equipment used in the operations of Conley Company. The following information pertains to the exchange. Frank $300,000 140,000 140,000 10,000 Conley $300,000 170,000 150,000 Equipment (Cost) Accumulated Depreciation Fair Value of Equipment Cash Given Up Cash Received 10,000 (a) Instructions: Assume that the exchange lacks commercial substance. Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. Prepare the journal entries to record the exchange on the books of both companies. (b)