Vaughn is a cologne retailer. During 2020 , Vaughn had the following non-monetary transactions. Scenario 1: Vaughn exchanged 4,700 of its common shares (FMV of $11 each) for equipment with a FMV of $56,400. Scenario 2: Vaughn traded machinery with a cost of $13,800 and accumulated depreciation of $5,520 for an inventory management equipment owned is expected to help increase the speed with which Vaughn fills its orders. An additional $3,000 was paid by Vaughn in the exchange. The inventory management equipment has a cost of $21,100 and accumulated depreciation of $12,660 on Francis' accounting records. Fair values for the machinery and the inventory management equipment are $9,280 and $12,280 respectively. For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Vaughn follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)