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

		Asset A		Asset B
Original cost		$99,840		$114,400
Accumulated depreciation (to date of exchange)		41,600		48,880
Fair value at date of exchange		62,400		78,000
Cash paid by Grouper, Inc.		15,600
Cash received by Monty, Inc.				15,600

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Grouper, Inc. and Monty, 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
Grouper, Inc.'s Books
Gain on Disposal of MachineryMachinery (A)Machinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Cash
Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Machinery (B)Gain on Disposal of MachineryMachinery (A)Cash
Accumulated Depreciation-Machinery (A)Machinery (B)Accumulated Depreciation-Machinery (B)CashMachinery (A)Gain on Disposal of Machinery
Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryMachinery (A)Machinery (B)Accumulated Depreciation-Machinery (A)Cash
Machinery (B)Accumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Machinery (A)CashGain on Disposal of Machinery
Monty, Inc.'s Books
Machinery (A)Machinery (B)CashAccumulated Depreciation-Machinery (A)Accumulated Depreciation-Machinery (B)Gain on Disposal of Machinery
Gain on Disposal of MachineryAccumulated Depreciation-Machinery (B)Machinery (B)CashMachinery (A)Accumulated Depreciation-Machinery (A)
CashAccumulated Depreciation-Machinery (B)Machinery (A)Machinery (B)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)
Accumulated Depreciation-Machinery (B)CashAccumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (A)Machinery (B)
Machinery (B)Gain on Disposal of MachineryCashAccumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)Machinery (A)

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Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Grouper, Inc. and Monty, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. 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
Grouper, Inc.'s Books
Machinery (B)Accumulated Depreciation-Machinery (B)Machinery (A)Gain on Disposal of MachineryCashAccumulated Depreciation-Machinery (A)
CashMachinery (B)Accumulated Depreciation-Machinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)
Machinery (B)CashAccumulated Depreciation-Machinery (B)Accumulated Depreciation-Machinery (A)Gain on Disposal of MachineryMachinery (A)
Machinery (A)Gain on Disposal of MachineryMachinery (B)Accumulated Depreciation-Machinery (B)CashAccumulated Depreciation-Machinery (A)
Monty, Inc.'s Books
CashAccumulated Depreciation-Machinery (B)Machinery (A)Gain on Disposal of MachineryAccumulated Depreciation-Machinery (A)Machinery (B)
Accumulated Depreciation-Machinery (B)Gain on Disposal of MachineryCashMachinery (B)Machinery (A)Accumulated Depreciation-Machinery (A)
Machinery (A)Accumulated Depreciation-Machinery (A)CashAccumulated Depreciation-Machinery (B)Machinery (B)Gain on Disposal of Machinery