On August 1, Culver, Inc. exchanged productive assets with Lakrspur, Inc. Culvers asset is referred to below as Asset A and Larkspurs is referred to as Asset B.

On August 1, Culver, Inc. exchanged productivessets with Larkspur, Inc. Culver's asset is referred to below as "Asset A' and Larkspur' 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 Culver, Inc. Cash received by Larkspur, Inc. Asset A Asset B $111.360 $127.600 46,400 54,520 69,600 87,000 17,400 17,400 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Culver, Inc. and Larkspur, 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 Culver. Inc's Books Larkspur, Inc.'s Books