The following transactions occurred in fiscal 2011: Synthesize Inc. exchanged machinery with Energize Corp. Cost Accumulated depreciation Fair value Synthesize's machinery Energize's machinery 500,000 200,000 620,000 500,000 350,000 Not known Synthesize Inc. purchased equipment by signing a 5 year non-interest bearing note payable for $200,000. The implicit rate of interest was 5%. (12) Requirements: a) b) c) Assuming the machinery exchange has commercial substance, prepare the required journal entries for the exchange for both Synthesize and Energize. (4) Assuming the machinery exchange does not have commercial substance, prepare the required journal entries for the exchange for both Synthesize and Energize. (6) Prepare the required journal entry to record the purchase of the equipment purchased by the non-interest bearing note. (Note: the PV of the Note is $156,706) (2)