Current Attempt in Progress On August 1, Flint, Inc. exchanged productive assets with Buffalo, Inc. Flint's asset is referred to below as "Asset A and Buffalo 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 Flint, Inc. Cash received by Buffalo, Inc. Asset A $134,400 56,000 84,000 21,000 Asset B $154,000 65,800 105,000 21.000 (a) Your answer is correct Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Flint, Inc. and Buffalo, Inc. in accordance with generally accepted accounting principles. (Round answers to decimal places, eg. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Flint. Inc's Books Machinery 105,000 Accumulated Depreciation Machinery 56,000 Machinery 13.1400 134400 Machinery 21.000 Cash 5600 Gain on Disposal of Machinery Buffalo, Inc's Books Machinery 84,000 Accumulated Depreciation Machinery 65800 Cash 21,000 Gainon Disposal of Machinery 16800 Machinery 154,000 Assuming that the exchange of Assets A and Blacks commercial substance, record the exchange for both Flint, Inc. and Buffalo, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, eg, 1.25124 and final answer to decimal places eg. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Account Titles and Explanation Flint. Inc's Books Machinery 78400 Accumulated Depreciation-Machinery 56.000 Machinery 134.400 Cash 21,000 Buffalo, Inc's Books Machinery 88200 Accumulated Depreciation-Machinery 65800 Cash 21,000 Machinery 154,000 Gain on Disposal of Machinery 21,000