On November 1, Peery Corp. traded equipment with Williams Co. Equipment (cost) Accumulated depreciation Fair value of Equipment Cash received (paid) $ $ $ $ Peary Corp. 900,000 230,000 640,000 (140,000) Williams Co. $ 1,570,000 $ 850,000 $ 780,000 $ 140,000 The exchange lacks commercial substance. Instructions: a.) Provide Peery's journal entry to record this exchange. b.) Provide Williams's journal entry to record this exchange