Problem 1 Ridley Company exchanged trucks with Hurts Corporation. The following is provided for each company's assets in the exchange: Ridley Company Hurts Company Fair Value 31,000 25,000 Cost 56,000 56,000 Accumulated Depreciation 30,000 38,000 Hurts also gave Ridley $6,000 in the exchange. Assume depreciation has already been updated. Prepare the entries on both companies' books assuming that the exchange has commercial substance. Ridley Hurts Prepare the entries on both companies' books assuming that the exchange lacks commercial substance. Ridley