THREE Purple Corp and Pink Corp exchanged used equipment. In negotiating the swap's terms, they agreed that the difference in the machines' fair values would be paid in cash. This information along with the book value of each machine at the time of the exchange is summarized below. Historical cost Accumulated depreciation Fair value Purple 99,000 74,000 21,000 Pink 89,000 75,000 19,000 100 RequiredPrepare the journal entry that each company should make to record the exchange under each of the following independent assumptions: 1. The information available indicates that the exchange has commercial substance. 2. The information available indicates that the exchange lacks commercial substance