The Majestic Theatre and the St. James Theatre entered into a transaction on December 16, 20x5 to exchange some of their lighting equipment. On December 16, 20x5, the information for each theatre is as follows: Majestic St. James Original cost 800,000 640,000 Accumulated depreciation: 560,000 260,000 Fair market value 400,000 350,000 Cash paid by Broadway to Shubert 50,000 Prepare the journal entry on the books for Majestic Theatre on December 16, 20x5, assuming that the transaction is considered an exchange that has commercial substance