home / study / business/ accounting / accounting questions and answers / on august hyde, re exchanged productive assets with wiggn Question: On August 1, Hyde, Inc. exchanged productive assets with.. 2 bookmarks) On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as 'Asset A,' and Wiggins' is referred to as Asset B. The following facts pertain to these assets. Asset A Original Cost $96,00o Accumulated Depreciation (to date of exchange) $40,000 Fair Value at date of exchange $60,000 Cash paid by Hyde, Inc $15,000 Asset B Original Cost $110,000 Accumulated Depreciation (to date of exchange) $47,000 Fair Value at date of exchange $75,000 Cash paid by Hyde, Inc $15,000 Instructions: (a) Assuming that the exchange of Assets A and Wiggins, Inc. in accordance with generally accepted accounting principles. B has commercial substance, record the exchange for both Hyde, Inc. and (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Hyde, Inc. and Wiggins, Inc. in accordance with generally accepted accounting principles Expert