This is a case concerning Property, Plant and equipment.

CES Problem 10-9 (Part Level Submission) On August 1, Flounder, Inc. exchanged productive assets with Culver, Inc. Flounder's asset is referred to below as "Asset A," and Culver' is referred to as "Asset B." The following facts pertain to these assets. Asset A Asset B Original cost $109,440 $125,400 Accumulated depreciation (to date of exchange) 45,600 53,580 Fair value at date of exchange 68,400 85,500 Cash paid by Flounder, Inc. 17,100 Cash received by Culver, Inc. 17,100 (a) Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Flounder, Inc. and Culver, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 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 0 for the amounts.) Account Titles and Explanation Debit Credit Flounder, Inc.'s Books Culver, Inc.'s Books e 9 ? ENG 8:28 PM 4/24/2020 DDI