On December 31, 2021, Buenos Aires Limited had equipment which cost $500,000 and had accumulated depreciation of $200,000. The equipment was appraised that day to have a value of $320,000. On the same day, Montevideo Incorporated had equipment which cost $900,000 and had accumulated depreciation of $600,000. The equipment was appraised that day to have a value of $280,000. On December 31, 2021, both companies exchanged assets with Buenos Aires Limited receiving $40,000 cash from Montevideo Incorporated. This transaction did not have commercial substance. Required Prepare the required journal entries in good form.