Goodman Company exchanges an asset with The Pryce Corporation. Details of the exchange are as follows:

Goodmans Piece of equipment:	Pryces building:
Cost $800,000	Cost	$960,000
Accumulated depreciation 230,000	Accumulated depreciation	350,000
Fair value 700,000	Fair value	850,000

Required-

1. Prepare the journal entry in the books of both Goodman and Pryce, assuming both are public companies.
2. Assume now that Goodman paid $80,000 in this transaction. Record the appropriate journal entry in Goodman books.
3. Repeat b) assuming now that Goodman is a private company and that the fair value of Pryces building is the most determinable fair value.