Pr. 10-145Nonmonetary exchange. Hodge Co. exchanged Building 24 which has an appraised value of $3,200,000, a cost of $5,060,000, and accumulated depreciation of $2,400,000 for Building M belonging to Fine Co. Building M has an appraised value of $3,008,000, a cost of $6,020,000, and accumulated depreciation of $3,168,000. The correct amount of cash was also paid. Assume depreciation has already been updated. Instructions Prepare the entries on both companies' books assuming the exchange had no commercial substance. Show a check of the amount recorded for Building M on Hodge's books. (Round to the nearest dollar.

How can I compute how much cash was received? also, when computing how much of the gain will be recognized whose assets are taken into account the assets received or the assets given up( cash received/ cash received+ fair value of asset* gain)?