On August 1, Flounder, Inc. exchanged productive assets with Culver, Inc. Flounders 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)

	Your answer is partially correct. Try again.

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. (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.)

Account Titles and Explanation	Debit	Credit
Flounder, Inc.s Books
Culver, Inc.s Books

Click if you would like to Show Work for this question:

Open Show Work