help me Scenario 1Scenario 2 Whispering is a cologne retailer. During 2023, Whispering had the following non-monetary transactions.Scenario 1: Whispering exchanged 4,800 of its common shares (FMV of $10 each) for equipment with a FMV of $52,800.Scenario 2: Whispering traded machinery with a cost of $13,700 and accumulated depreciation of $5,480 for a piece of inventorymanagement equipment owned by Francis Inc.. The equipment is expected to help increase the speed with which Whispering fills itsorders. An additional $3,100 was paid by Whispering in the exchange. The inventory management equipment has a cost of $21,100and accumulated depreciation of $12,660 on Francis' accounting records. Fair values for the machinery and the inventorymanagement equipment are $9,320 and $12,420 respectively.For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Whisperingfollows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before creditentries.)

Answered: Scenario 1 Scenario 2

Business

Accounting

Scenario 1 Scenario 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

_{help me}

Whispering is a cologne retailer. During 2023, Whispering had the following non-monetary transactions.
Scenario 1: Whispering exchanged 4,800 of its common shares (FMV of $10 each) for equipment with a FMV of $52,800.
Scenario 2: Whispering traded machinery with a cost of $13,700 and accumulated depreciation of $5,480 for a piece of inventory
management equipment owned by Francis Inc.. The equipment is expected to help increase the speed with which Whispering fills its
orders. An additional $3,100 was paid by Whispering 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 $9,320 and $12,420 respectively.
For each of the above independent scenarios, prepare the journal entry necessary to record the transaction, assuming that Whispering
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. List all debit entries before credit
entries.)

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