Business, 26.01.2021 05:10 megamorph

Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available: Denver Bristol
Cost $80,000 $31,500
Accumulated depreciation 60,000 25,000
Fair value 17,000 17,000
Required:
1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.
2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange.

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Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange i...

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