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On August 1, Sheridan, Inc. exchanged productive assets with Skysong, Inc. Sheridan's asset is referred to below as Asset A, and Skysong' is referred to
On August 1, Sheridan, Inc. exchanged productive assets with Skysong, Inc. Sheridan's asset is referred to below as "Asset A," and Skysong' is referred to as "Asset B." The following facts pertain to these assets. (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Sheridan, Inc. and Skysong, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Sheridan, Inc.'s Books Skysong, Inc.'s Books
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