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Larkspur Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Larkspur traded in its existing machine and paid cash in the

image text in transcribedimage text in transcribed Larkspur Inc. purchased a commercial grade soft-serve ice cream machine on September 30, 2017. Larkspur traded in its existing machine and paid cash in the transaction. The details of the transaction are as follows: Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Larkspur's fiscal year ends on December 31, and Larkspur recorded depreciation on the old machine through September 30, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Larkspur's fiscal year ends on December 31, and Larkspur recorded depreciation on the old machine through

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