Pharoah is a cologne retailer. During 2020, Pharoah had the following non-monetary transactions. Scenario 1: Pharoah exchanged 4,700 of its common shares (FMV of $10 each) for equipment with a FMV of $51,700. Scenario 2: Pharoah traded machinery with a cost of $16,500 and accumulated depreciation of $6,600 for an inventory management equipment owned by Francis Inc. which is expected to help increase the speed with which Pharoah fills its orders. An additional $3,200 was paid by Pharoah in the exchange. The inventory management equipment has a cost of $18,600 and accumulated depreciation of $11,160 on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $11,000 and $14,200 respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Pharoah follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit Scenario 1 Scenario 2