Problem V Exchange of Assets (20 points) Assume that the following cases are independent and rely on the following data. Equipment (cost) Accumulated depreciation Fair value of equipment Cash received (paid) Mensen Co. $900,000 290,000 560,000 (140,000) Jerton Co. $1,650,000 1,050,000 700,000 140,000 Instructions: Make entries on the books of both companies (a). Mensen Co. and Jerton Co. traded the above equipment. The exchange has commercial substance. (b) Mensen Co. and Jerton Co. traded the above equipment. The exchange lacks commercial substance