Archibald Corporation, a public corporation exchanged an asset with Bass Industries. The following information was provided by both companies. Archibald Bass Original cost of the $320,000 $430,000 asset Accumulated 256,000 344,000 depreciation Fair value of the 80,000 120,000 interest Required- a. Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have commercial substance. b. Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have no commercial substance.