Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equipment. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Equipment (original cost) $60,000 $70,000 Accumulated depreciation 20,000 24,000 Fair value 36.000 48,000 Cash exchanged 112,000) 12,000 Support Answer the following questions, rounding your answers to the nearest whole number, a. Record the exchange for Clarksten Co. assuming the transaction has commercial substance. b. Record the exchange for Kay Inc. assuming the transaction has commercial substance, c. Record the exchange for Clarksten Co, assuming the transaction lacks commercial substance, d. Record the exchange for Kay Inc. assuming the transaction lacks commercial substance. Note: If a line in a journal entry isn't required for a transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) Exchange has commercial substance Exchange lacks commercial substance Account Name Dr. Cr. Equipment (new) Equipment (old) Account Name Dr. Cr. Cash Equipment (new) Equipment (old)