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On August 1, Cheyenne, Inc. exchanged productive assets with Ayayai, Inc. Cheyenne's asset is referred to below as Asset A, and Ayayai' is referred to
On August 1, Cheyenne, Inc. exchanged productive assets with Ayayai, Inc. Cheyenne's asset is referred to below as Asset A," and Ayayai' 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) Fair value at date of exchange Cash paid by Cheyenne, Inc. Cash received by Ayayai, Inc. $113,280 47,200 70,800 17,700 $129,800 55,460 88,500 17,700 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Cheyenne, Inc. and Ayayai, Inc. in accordance with generally 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 O for the amounts.) Debit Credit Account Titles and Explanation Cheyenne, Inc.'s Books Ayayai, Inc.'s Books
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