General Journal Next Level Instructions Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange i n which no cash changes hands. The following information for the two warehouses is available: DenverBristol Cost $90,000 $48,000 Accumulated depreciation 51,000 23,000 Fair value 33,00033,000 Required: 1. Assuming the 2. Assuming the exchange does not have commercial substance, prepare 3. Next Level What is the justification of accounting for the exchange differenty when the exchange has commercial substance versus when at exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange journal entries for Denver and Bristol to record the exchange does not