Question 6 of 9 > 9.57 / 24 View Policies Show Attempt History Current Attempt in Progress On August 1, Wildhorse, Inc. exchanged productive assets with Sheffield, Inc. Wildhorse's asset is referred to below as "Asset A." and Sheffield' 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 Wildhorse, Inc. Cash received by Sheffield, Inc. Asset A $140,160 58,400 87,600 21,900 Asset B $160,600 68,620 109,500 21.900 (a) Your Answer Correct Answer (Used) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Wildhorse, Inc. and Sheffield, Inc. in accordance with generally accepted accounting principles. (Round answers to 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 for the amounts.) Debit Credit Account Titles and Explanation Wildhorse, Inc.'s Books Machinery 109,500 Accumulated Depreciation Machinery 58.400 Machinery 140,160 Cash 21,900 Gain on Disposal of Machinery 5,840 Sheffield, Inc.'s Books Machinery 87,600 Accumulated Depreciation-Machinery 68,620 Cash 21,900 Machinery 160,600 Gain on Disposal of Machinery 17,520 Question Part Score 9.57/11 (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Wildhorse, Inc. and Sheffield, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places eg. 58,971. 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 for the amounts.) Debit Credit Account Titles and Explanation Wildhorse, Inc.'s Books Sheffield, Inc.'s Books e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Question Part Score --/13