You have been asked to account for a plant asset exchange on the books of the Saks Video Game Company (Click the icon to view additional information.) Requirement Prepare the journal entry for Saks to record the exchange as if the exchange had lacked commercial substance. Assume that the Saks Video Game Company reports under IFRS. (Record debits first, then credits. Exclude explanations from any journal entries.) Account May 1, 2022 GX More info On January 1, 2019, Saks acquired a plastic extruding machine at a cost of S170,000. This machine had an original estimated useful life of 12 years and a scrap value of $26,000. The machine was depreciated using the straight-line method. On May 1, 2022, Saks exchanged the old machine for a similar asset with a market value of $144.800. Saks also received cash of S36,200. The estimated fair value of the old machine is $181,000. The old machine was depreciated up to December 31, 2021. Print Done