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

		Asset A		Asset B
Original cost		$107,520		$123,200
Accumulated depreciation (to date of exchange)		44,800		52,640
Fair value at date of exchange		67,200		84,000
Cash paid by Sheffield, Inc.		16,800
Cash received by Tamarisk, Inc.				16,800

Part 1

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Sheffield, Inc. and Tamarisk, 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
Sheffield, Inc.s Books

Tamarisk, Inc.s Books

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Sheffield, Inc. and Tamarisk, 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
Sheffield, Inc.s Books

Tamarisk, Inc.s Books