On 1/1 a business exchanged equipment for TRUCKS from a company that was relocating. The exchange had commercial substance. Equipment (Cost) Accumulated depreciation Fair Value Cash paid to complete the exchange When recording the journal entry they should: Select All correct answers, Incorrect answers are penalized. Debit Equipment for $900,000 Credit loss on exchange $40,000. DATA $900,000 $780,000 $80,000 $30,000 Debit Loss On exchange for $40,000 Debit cash for $30,000 Credit Cash For $30,000. Credit gain on exchange for $40,000. Credit Equipment for $900,000. Debit Trucks for $110,000 Debit gain On exchange for $40,000