PART B: Asset Exchanges On 1/1/2016 Micron Co. gave equipment with with a historical cost of $700,000, accumulated depreciation of $100,000 and a fair market value of $1,000,000 to Titan Inc. in exchange for $200,000 cash, and land with a FMV of $800,000. 1. Prepare Microns journal entry to record the transaction assuming the exchange has commercial substance. 2. Prepare Microns journal entry to record the transaction, assuming the exchange does not have commercial substance