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	$90,000	$45,000
Accumulated depreciation	55,000	25,000
Fair value	30,000	30,000

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GENERAL JOURNAL

Score: 30/101

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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GENERAL JOURNAL

Score: 30/101

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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4

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.