Reporting an Asset Exchange Clarksten Co. and Kay Inc. exchange equiprrcrit. Information related to this exchange for both companies follows. Clarksten Co. Kay Inc. Equipment given up: Cyuipment (original $24,000 $20,000 Accumulated Depreciation 8.000 9.600 Fairwa 14,40 19,700 Cash exulanged $4,000) 4800 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 a. Cr. Dr. 19,200 8,000 0 0 x Account Name Equipment Inew! Accumulated Depreciation NA Fruipment al Cash b. 74.000 4800 Account Name Dr. Cash 0 13.800 x 9.600 Equipment Accumulated Depreciation Coin on Assel Exchange Equipment told 200 M 28,000 C. Cr. 0 Account Name Equipment (new) Accumulated Depreciation Loss on Asset Exchange Equipment (old) Cash Dr. 20,800 x 800 X OX 0 0 200 X 24,000 4,800 0 d. Account Name Dr. Cr. Cash 4,800 0 13,800 x 9,600 0 Equipment (new) Accumulated Depreciation Equipment (old) Gain on Asset Exchange 0 28,000 200 X 0