On September 1, Carland, Inc. exchanged productive assets with Colorado, Inc. Carlands asset is referred to below as Asset A, and Colorado is referred to as Asset B. The following facts pertain to these assets.

		Asset A		Asset B
Original cost		$111,360		$127,600
Accumulated depreciation (to date of exchange)		46,400		54,520
Fair value at date of exchange		69,600		87,000
Cash paid by Carland, Inc.		17,400
Cash received by Colorado, Inc.				17,400

b. Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Carland, Inc. and Colorado, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Carland, Inc.s Books
Colorado, Inc.s Books