Trent Corporation traded a piece of equipment with another company in exchange for another piece of equipment. Details of the exchange are as follows: B (Click the icon to view the details.) - X Data Table Requirements a. Record the transaction for Trent, assuming the exchange has no commercial substance. b. Record the transaction for Trent, assuming the exchange has commercial substance. c. Explain the rationale for the accounting treatment for exchanges without commercial substance. Historical cost of old asset $ 300,000 Requirement a. Record the transaction for Trent, assuming the exchange has no commercial substance. (Re Date Accounts Debit Credit Accumulated depreciation of old asset Fair market value of old asset 125,000 205,000 (a) Fair market value of new asset 210,000 5,000 Cash paid Print Done