Mellow Company owns equipment that it uses in its manufacturing operations. On May 1, 2020, Mellow exchanged this equipment with manufacturing equipment used in the operations of Core Co. Core Co.'s equipment has a fair value of $68,230. The following information pertains to the exchange: Cost of equipment being disposed by Mellow Company Accumulated depreciation recorded on the $108,305 $62,815 equipment being disposed by Mellow Company Mellow Company paid $20,650 to Core Co. as part of the equipment exchange transaction. REQUIRED: 1. Prepare Elite Company's journal entry to record the exchange. 2. Prepare Elite Company's journal entry to record the exchange if the fair value of Lester Co.'s equipment was not known. A/