Archibald Corporation, a public corporation exchanged an asset with Bass Industries.
	Archibald	Bass
Original cost of the asset	$ 320,000	$ 430,000
Accumulated depreciation	$ 256,000	$ 344,000
Fair value of the asset	$ 80,000	$ 120,000
a) Write the journal entries on the books of Archibald Corp assuming that the exchange would have commercial substance.
b) Write the journal entries on the books of Archibald Corp assuming that the exchange would have no commercial substance.