You have been asked to account for a plant asset exchange on the books of the Longmire Video Game Company. (Click the icon to view additional information.) Requirement Prepare the journal entry for Longmire to record the exchange as if the exchange had lacked commercial substance. Assume that the Longmire Video Game Company reports under IFRS. (Record debits first, then credits. Exclude explanations from any journal entries.) c. May 1, 2022 More info Account Machinery (New) Accumulated Depreciation Machinery (Old) Cash Machinery (Old) Gain on Exchange of Machinery On January 1, 2018, Longmire acquired a plastic extruding machine at a cost of $134.000. This machine had an original estimated useful life of 10 years and a scrap value of $14,000. The machine was depreciated using the straight-line method. On May 1, 2022, Longmire exchanged the old machine for a similar asset with a market value of $125,100. Longmire also received cash of $13,900. The estimated fair value of the old machine is $139,000. The old machine was depreciated up to December 31, 2021. Print Done