On August 1, Larkspur, Inc. exchanged productive assets with Cullumber, Inc. Larkspurs asset is referred to below as Asset A, and Cullumber is referred to as Asset B. The following facts pertain to these assets.

		Asset A		Asset B
Original cost		$97,920		$112,200
Accumulated depreciation (to date of exchange)		40,800		47,940
Fair value at date of exchange		61,200		76,500
Cash paid by Larkspur, Inc.		15,300
Cash received by Cullumber, Inc.				15,300

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

b.) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Larkspur, Inc. and Cullumber, Inc. in accordance with generally accepted accounting principles.