On August 1, Splish, Inc. exchanged productive assets with Blossom, Inc. Splish's asset is referred to below as "Asset A," and Blossom' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B Original cost $97,920 $112,200 Accumulated depreciation (to date of exchange) 40,800 47,940 Fair value at date of exchange 61,200 76,500 Cash paid by Splish, Inc. 15,300 Cash received by Blossom, Inc. 15,300 Your answer is correct. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Splish, Inc. and Blossom, Inc. in accordance with generally accepted accounting principles. (Round answers to O 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 O for the amounts.) Account Titles and Explanation Splish, Inc.'s Books Machinery Accumulated Depreciation-Machinery Machinery Cash Gain on Disposal of Machinery Blossom, Inc.'s Books Machinery Debit 76500 40800 61200 Accumulated Depreciation-Machinery 47940 Cash Machinery Gain on Disposal of Machinery 15300 Credit 97920 15300 4080 112200 12240 Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Splish, Inc. and Blossom, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to O 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 O for the amounts.) Account Titles and Explanation Debit Credit Splish, Inc.'s Books Blossom, Inc.'s Books eTextbook and Media