a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles.

(b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles.

On August 1, Nash, Inc. exchanged productive assets with Crane, Inc. Nash's asset is referred to below as "Asset A," and Crane' is referred to as "Asset B." The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Nash, Inc. Cash received by Crane, Inc. Asset A Asset B $109,440 $125,400 45,600 53,580 68,400 85,500 17,100 17,100