Pipa Incorporated entered into an arrangement with Gianardo Ltd. to exchange equipment and cash. Pipa gave up a piece of equipment that was no longer being used by the business, as well as $13,300 in cash. The equipment had a net book value of $56,000 (cost $206,000) and a fair value of $73,000. Gianardo is able to use the equipment in its manufacturing facility. In exchange for the equipment, Gianardo has provided Pipa with a new truck. The truck's fair value is estimated to be between $80,000 and $98,000, and it has a net book value of $82,000 (cost $145,000). Required: 1. Prepare the journal entries to show how Pipa would record this transaction assuming there was commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of equipment, whose net book value was $56,000 (cost $206,000) and a fair value of $73,000, for purchase of a Truck for $13,300 assuming there was commercial substance. Note: Enter debits before credits. Event General Journal Debit Credit 2. Prepare the journal entries to show how Pipa would record this transaction assuming there is no commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of equipment, whose net book value was $56,000 (cost $206,000) and a fair value of $73,000, for purchase of a Truck for $13,300 assuming there was no commercial substance. Note: Enter debits before credits. Event 1 General Journal Debit Credit 3. Prepare the journal entries showing how Gianardo would record this transaction assuming there was commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of equipment, whose net book value was $56,000 (cost $206,000) and a fair value of $73,000, for purchase of a Truck for $13,300 assuming there was commercial substance in the books of Gianardo Ltd. Note: Enter debits before credits. Event 1 General Journal Debit Credit 4. Prepare the journal entries showing how Gianardo would record this transaction assuming there is no commercial substance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the exchange of equipment, whose net book value was $56,000 (cost $206,000) and a fair value of $73,000, for purchase of a Truck for $13,300 assuming there was no commercial substance in the books of Gianardo Ltd. Note: Enter debits before credits. Event 1 General Journal Debit Credit