Recording an Asset Exchange a. Huson Company traded in equipment along with $20,000 cash for a newer type of equipment. The transaction has no commercial substance. The following information relates to equipment values on the exchange date. Carrying Value Fair Value Old equipment New equipment $120,000 $180,000 160,000 200,000 Record Huson's entry for this exchange of equipment. a. Account Name To record the exchange of equipment. Dr. Cr. 0 0 0 0 0 0 b. VM Company traded equipment with an original cost of $100,000 and accumulated depreciation of $40,000 for similar productive equipment with a fair value of $60,000. VM also received $30,000 cash with this exchange. The transaction lacks commercial substance. Record VM's entry for this exchange of equipment. b. Account Name Dr. Cr. 0 0 0 0 0 0 0 0 0 0 To record the exchange of equipment