Mathews Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange. Mathews Co., Biggio Co. Equipment cost $56.000 $56,000 28,000 Accumulated depreciation 30,000 25,000 31,000 Fair value of equipment Cash given up 6,000 a. Prepare the journal entry to record the exchange on Mathews' books, assuming the transaction has commercial substance. b Prepare the journal entry to record the on Mathews' books, assuming the transaction does not have commercial substance