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Question - On August 1, Monty, Inc. exchanged productive assets with Flounder, Inc. Monty's asset is referred to below as "Asset A," and Flounder' is referred to as "Asset B." The following facts pertain to these assets.
Asset A
Asset B
Original cost
$122,880
$140,800
Accumulated depreciation (to date of exchange)
51,200
60,160
Fair value at date of exchange
76,800
96,000
Cash paid by Monty, Inc.
19,200
Cash received by Flounder, Inc.
Required - Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Monty, Inc. and Flounder, Inc. in accordance with generally accepted accounting principles.
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