Question 4 On August 1, Culver, Inc. exchanged productive assets with Larkspur, Inc. Culver's asset is referred to below as "Asset A," and Larkspur' is referred to as "Asset B." The following facts pertain to these assets. Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Culver, Inc. Cash received by Larkspur, Inc. Asset A $126,720 52,800 79,200 19,800 Asset B $145,200 62,040 99,000 19,800 (a) Your answer is partially correct. Try again. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Culver, Inc. and Larkspur, Inc. in accordance with generally accepted accounting principles. (Round answers to o decimal places, e.g. 5,275. 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 o for the amounts.) Account Titles and Explanation Debit Credit Culver. Inc's Books 99,000 Accumulated Depreciation 52,800 Gaineral ent Privacy Policy. I 2000-2020 John Wiley & Sons Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.19.4 X 99,000 Accumulated Depreciation 52,800 x Gain on Disposal of Plai 126,720 > Cash 19,800 Gain on Disposal of Equ Larkspur, Inc.'s Books X 5,280 19,800 X 79,200 x - 62,040 x 145,200 > 5,840 SHOW LIST OF ACCOUNTS LINK TO TEXT sy Policy. 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & SonsInc. Version