Two companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The following info for the two is available

Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange in which no cash changes hands. The follo Denver Bristol Cost Accumulated depreciation $90,000 55,000 30,000 $45.000 25,000 30,000 Fair value Required: 1. Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange 2. Assuming the exchange does not have commercial substance, prepare journal entries for Denver and Bristol to record the exchange 3. Next Level What is the justification of accounting for the exchange differently when the exchange has commercial substance versus when it does not? Sent: Monday, June 24, 2019 T:03 PM N e Send Paul vendor numbe for Western Ky University