Exchange of Assets Instruction Chart of Accounts General Journal Instructions Two independent companies, Derver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 1o complete the exchange. The fotowing information for the two warehouses is available Cost Accumulated depreciation Fair value Denver 500.000 50.000 33,000 Bristol $47.000 20,000 35.000 Required Assuming the exchange has comercial substance, prepare journal entries for Derwer and Bristol to record o exchange