E10-19B (Nonmonetary Exchange) Mathews Company exchanged equipment used in its manufacturing operations plus $6000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the exchange. Mathews Co. Biggio Co.Equipment (cost) $56000 $56000Accumulated depreciation 38000 20000Fair value of equipment 25000 31000Cash given up 6000Instructions(a) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance.(b) Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance.