On August 1, Taki, Inc. exchanged productive assets with Stellar, Inc. Takis asset is referred to below as Asset A, and Stellar 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 Pronghorn, Inc.		15,300
Cash received by Stellar, Inc.				15,300

(a)

Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Taki, Inc. and Stellar, Inc. in accordance with generally accepted accounting principles.

(b)

Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Taki, Inc. and Stellar, Inc. in accordance with generally accepted accounting principles.