On August 1, Flounder, Inc. exchanged productive assets with Culver, Inc. Flounder's asset is referred to below as "Asset A," and Culver' is referred to as "Asset B." The following facts pertain to these assets.

Asset A. Asset B

Original cost $132,480 $151,800

Accumulated depreciation (to date of exchange) 55,200 64,860

Fair value at date of exchange 82,800 103,500

Cash paid by Flounder, Inc. 20,700

Cash received by Culver, Inc. 20,700

(a)

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Flounder, Inc. and Culver, Inc. in accordance with generally accepted accounting principles.