Problem 13 On August 1, Inad, Inc. exchanged productive assets with Esor, Inc- Inad's asset is referred to below as \"Asset I,\" and Esor's is referred to as \"Asset E.\" The following facts pertain to these assets. P 96 000 $110000 Accumulated Depreciation 45 ,000 52 ,000 Fair Market Value at Date of Exchan e 60,000 75,000 Instructions: Compute the amount of cash necessary to balance the transaction. Identify who between [mad and Esor will pay-out cash. Prepare the journal entries to record the above transaction. Probl- 14 On March 31, 2014, Blight Enterprises traded in an old machine with no commercial substance having a carrying value of P 1,600,000 and paid a cash difference of F 600,000 for a new machine having a fair market value of T 2,000,000. On March 31, 2014, what amount of loss should Blight recognize on this exchange? Prepare the journal entry to record the transaction. Problem 15 S Company contracted with P Construction Co. to have a building constructed for P 3,000,000. S made the following payments to the construction company during the 20x2: December 31 P 420 000 1' 600 000 rmm Construction was completed and the building was ready for occupancy at the end of 20X2. 5 Company had the following debt outstanding at December 31, 201:2: 15%, 3-year note to nance acquisition of land and construction of the building dated December 31, 203411, with interest a able annual] on December 31 P 1,500,000 10%, 5-year note payable, dated December 31, 20Xl , with interest payable annually on December 31 1,100,000 12%, 10-year bonds issued December 31, 20X1, with interest payable annually on December 3 1 . 1 200,000 Prepare the necessary joumal entries