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Question 1 On August 1, Skysong, Inc. exchanged productive assets with Concord, Inc. Skysong's asset is referred to below as "Asset A," and Concord' is referred to as "Asset B." The following facts pertain to these assets Asset A Asset B Original cost Accumulated depreciation (to date of exchange 44,800 52,640 Fair value at date of exchange Cash paid by Skysong, Inc. Cash received by Concord, Inc. $107,520 $123,200 67,200 16,800 84,000 16,800 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Skysong, Inc. and Concord, Inc. in accordance with generally (a) accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select ""No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation Skysong, Inc.'s Books Machinery (B) Accumulated Depreciation-Machinery (A) Gain on Disposal of Machinery Machinery (A) Cash