Exchange of Assets Instructions Chart of Accounts General Journal Instructions Two independent companies, Denver and Bristol, each own a warehouse, and they agree to exchange buildings. The following information for the two warehouses is available: Denver Bristol Cost $100,000 $50,000 Accumulated depreciation 55,000 20,000 Fair value 38,000 40,000 Denver agrees to pay Bristol $2,000 to complete the exchange. Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange.