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Problem - Exchange of Assets 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
$90,000
$45,000
Accumulated depreciation
55,000
$25,000
Fair value
30,000
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.
3. What is the justification of accounting for the exchange differently when the exchange has commercial substance versus when it does not?
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