Problem 5 (10 points) Quick's Bus Lines exchanged four Ford buses for four GM buses from Statler Charter Buses. The carrying value and fair value of each fleet of vehicles on the date of the exchange are as follows: Asset Cost Accumulated Depreciation Fair Value Ford Buses (Assets Given Up by Quicks) $900,000 $310,000 $620,000 GM Buses (Assets Given up by Statler) $880,000 $260,000 $580,000 Quick's received cash of $40,000 and the GM buses in exchange for the Ford buses. It is expected that the future cash flows of Quick's business and Statler's business will not change significantly as a result of this exchange. Required: Record the entry for Quick's and Statler as a result of this exchange. Quick's Statler