On August 1, Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as "Asset A," and Whispering' is referred to as "Asset B. The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Coronado, Inc. Cash received by Whispering, Inc. (a) Your answer is partially correct. Asset A Account Titles and Explanation $119,040 49,600 74,400 18,600 Asset B Debit $136,400 58,280 93,000 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Coronado, Inc. and Whispering, 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. List all debit entries before credit entries.) 18,600 Credit

On August 1, Coronado, Inc. exchanged productive assets with Whispering, Inc. Coronado's asset is referred to below as 'Asset A," and Whispering' is referred to as 'Asset B." The following facts pertain to these assets. (a) Your answer is partially correct. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Coronado, Inc and Whispering. Inci in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, es. 5,275 , Credit. occount titles are outomotically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" /or the account tities and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Coronado, Inc.'s Books Accumulated Depreciation-Machinery ( A ) Machinery (B) Gain on Disposal of Machinery Cash Machinery (A) Whispering, Inc's Books Machinery (A) Accumulated Depreciation - Machinery (B) Cash Machinery (B) Gain on Disposal of Machinery Debit 9300 .68820 Credit