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

Asset A Asset B

Original cost $111,360 $127,600

Accumulated depreciation (to date of exchange) 46,400 54,520

Fair value at date of exchange 69,600 87,000

Cash paid by Monty, Inc. 17,400

Cash received by Flounder, Inc. 17,400

Collapse question part

(a)

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

Monty, Inc.'s Books

Flounder, Inc.'s Books