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Sweet Pea exchanged a lathe for a drill. Relevant information is below: Historical cost Accumulated depreciation Fair value Lathe 60,000 44,000 55,000 Drill 80,000 20,000

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Sweet Pea exchanged a lathe for a drill. Relevant information is below: Historical cost Accumulated depreciation Fair value Lathe 60,000 44,000 55,000 Drill 80,000 20,000 57,000 Required: Write the journal entry for Sweet Pea to record the exchange. The exchange does not have commercial substance. Account Debit Credit

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