Wong Company and Chan Company are in the same line of business; both companies manufacture sheet rock for single-family home construction. Both companies own a large piece of equipment used to prepare and cut the sheets at different lengths. The original cost and accumulated depreciation for each of the pieces of equipment is as follows. ?please show process?how to calculate)

Wong Company and Chan Company are in the same line of business, both companies manufacture sheet rock for single-family home construction. Both companies own a large piece of equipment used to prepare and cut the sheets at different lengths. The original cost and accumulated depreciation for each of the pieces of equipment is as follows Wong Equipment Chan Equipment Record Cost $200,000 $170,0004 Accumulated Depreciation 85,000 140,000 The CEOs for Wong Company and Chan Company have been friends for years. In the course of conversation last week, they realized that the equipment that each of them owned was actually perfect for use by the other company. The CEOs agreed to exchange the pieces of equipment. Record the journal entry for exchange of similar assets for each company Scenario #14 The fair value of each of the pieces of equipment is $75,000. Thus, the two companies merely exchanged the pieces of equipment without exchanging an cash. This is a transaction "without commercial substance WONG CHAN Journal Entry Journal Entry