Two independent companies, Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $2,000 to complete the exchange. The following information for the two warehouses is available: Denver Bristol Cost $100,000 $50,000 Accumulated depreciation 55,000 20,000 Fair value 38,000 40.000 Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. General Journal Assume the exchange has commercial substance and occurred on April 1. Prepare journal entries for Denver and Bristol to record the exchange. General Journal Instructions How does grading work? PAGE 9 PAGE 12 GENERAL JOURNAL Score: 115/125 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Apr. 1' Cash 2,000.00 2 Building (Warehouse (new) 36,000.00 3 Accumulated Depreciation 55.000.00 5,000.00 Loss on Exchange Building (Warehouse (old)) 5 100,000.00