On August 1, Sheffield, Inc. exchanged productive assets with Tamarisk, Inc. Sheffield's asset is referred to below as "Asset A," and Tamarisk' is referred to as "Asset B." The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Sheffield, Inc. Cash received by Tamarisk, Inc. Asset A $128,640 53,600 80,400 20,100 Asset B $147,400 62,980 100,500 20,100

On August 1, Sheffield, Inc. exchanged productive assets with Tamarisk, Inc. Sheffield's asset is referred to below as "Asset A," and Tamarisk" is referred to as "Asset B." The following facts pertain to these assets. 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. (Do not round intermediate calculations. Round final ancwer to 0 derimal nlarese. 0.58 .971 . Credit account titles are automaticallv indented when amount is entered. Do not indent manually