Q2 Part A Ray Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operation of Ken Company. The following information pertains to the exchange. Ray Co. Ken Co. Equipment (cost) $84,000 $84,000 Accumulated depreciation 57,000 30,000 Fair value of equipment 40,500 46,500 Cash give up 6,000 Instructions (a) Prepare the journal entries to record the exchange on the books of Ray. Assume that exchange lacks commercial substance. Narratives are not required. (4 marks) (b) Prepare the journal entries to record the exchange on the books of Ken. Assume that exchange lacks commercial substance. Narratives are not required