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On August 1, Waterway, Inc. exchanged productive assets with Wildhorse, Inc. Waterways asset is referred to below as Asset A, and Wildhorse is referred to
On August 1, Waterway, Inc. exchanged productive assets with Wildhorse, Inc. Waterways asset is referred to below as Asset A, and Wildhorse 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 Waterway, Inc. and Wildhorse, Inc. in accordance with generally accepted accounting principles
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