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For each of the four independent situations, prepare the journal entries to record the exchange on the books of each company. p9.10 (L.03) (Nonmonetary Exchanges) On August 1, Hyde, Inc, exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as "Asset A," and Wiggins' is referred to as "Asset B." The following facts pertain to these assets. Instructions a. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Hyde, Inc, and Wiggins, 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 Hyde, Inc. and Wiggins, Inc, in accordance with generally accepted accounting principles