On August $1,$ Marigold, Inc. exchanged productive assets with Swifty, Inc. Marigold's asset is referred to below as "Asset A$,"$ and Swifty'

is referred to as "Asset B$."$ The following facts pertain to these assets.

$($a$)$

Your answer is correct.

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Marigold, Inc. and Swifty,

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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Credit

Marigold, Inc.$\text{'}$s Books

Swifty, Inc.$\text{'}$s Books

$($b$)$

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Marigold, Inc. and

Swifty, Inc. in accordance with generally accepted accounting principles. $($Do not round intermediate calculations. Round 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.$)$