Transcribed image text: Show Me How Calculator Print Item change of Assets Instructions Chart of Accounts General Journal Next Level nstructions Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available Denver Bristol Cost $80,000 Accumulated depreciation 58,000 $30.500 23,000 18.500 Fair value 18.500 Required: 1. Assuming the exchange has commercial substance prepare ournal entries for Denver and Bristol to record the exchange 2. Assuming the exchange does not have commercial substance pregare journal entries for Denver and Bristol to record the exchange 3. Next Level What is the justification of accounting for the exchange different when me exchange nas commercial substance Versus when does not? Shaded cells have few General Journal 815 AM General Journal General Journal Shaded cells have feed Assume the exchange has commercial substance and occurred on Apr 1. Prepare journal entries for Denver and Bristol to record the exchange. Record Denver's transaction on page 9 and Bristol's on page 12. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 PAGE 12 GENERAL JOURNAL Score: 37/101 DATE ACCOUNT TITLE POST. REF : DEBIT CALON Apr.1 Equipment 18.500.00 Accumulated Depreciation Equipment Loss on Exchange Points 6.59 / 18 &19 AM 1/19/2020 DOLL I transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 12 GENERAL JOURNAL Score: 25/89 ACCOUNT TITLE POST. REF CREDIT DATE Apr. 1 DEBIT 18.500.00 Inventory Accumulated Depreciation 25,000.00 30,500.00 Inventory 11.000.00 Gain on Exchange Points Foed Coco When an exchange ces commercial substance, loses are recorded and gains are not recorded. The new assetsrecorded Surrendered less the gain or the book value of the surrendered asset DELL Transcribed image text: Show Me How Calculator Print Item change of Assets Instructions Chart of Accounts General Journal Next Level nstructions Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following information for the two warehouses is available Denver Bristol Cost $80,000 Accumulated depreciation 58,000 $30.500 23,000 18.500 Fair value 18.500 Required: 1. Assuming the exchange has commercial substance prepare ournal entries for Denver and Bristol to record the exchange 2. Assuming the exchange does not have commercial substance pregare journal entries for Denver and Bristol to record the exchange 3. Next Level What is the justification of accounting for the exchange different when me exchange nas commercial substance Versus when does not? Shaded cells have few General Journal 815 AM General Journal General Journal Shaded cells have feed Assume the exchange has commercial substance and occurred on Apr 1. Prepare journal entries for Denver and Bristol to record the exchange. Record Denver's transaction on page 9 and Bristol's on page 12. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 9 PAGE 12 GENERAL JOURNAL Score: 37/101 DATE ACCOUNT TITLE POST. REF : DEBIT CALON Apr.1 Equipment 18.500.00 Accumulated Depreciation Equipment Loss on Exchange Points 6.59 / 18 &19 AM 1/19/2020 DOLL I transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 12 GENERAL JOURNAL Score: 25/89 ACCOUNT TITLE POST. REF CREDIT DATE Apr. 1 DEBIT 18.500.00 Inventory Accumulated Depreciation 25,000.00 30,500.00 Inventory 11.000.00 Gain on Exchange Points Foed Coco When an exchange ces commercial substance, loses are recorded and gains are not recorded. The new assetsrecorded Surrendered less the gain or the book value of the surrendered asset DELL