Q2. ABC Company exchanged equipment used in its manufacturing operations plus $4,500 in cash for similar equipment used in the operations of XYZ Company. The following information pertains to the exchange: (2 Marks) ABC XYZ Equipment (cost) $63,000 $63,000 Accumulated Depreciation 42,750 22,500 Fair value of equipment 30,375 34,875 Cash given up 4,500 Required: i. Calculate gain or loss on exchange. ii. Prepare the journal entries to record the exchange on the books of both companies when: a) ABC has commercial substance b) ABC lacks commercial substance XYZ has commercial substance d) XYZ lacks commercial substance