Two independent companies, Denver and Bristol, each own a warehouse, and Denver agrees to pay Bristol $3,000 to complete the exchange. The following information for the two warehouses is available: Denver Bristol Cost $100,000 $58,000 Accumulated depreciation 50,000 20,000 Fair value 45,000 48,000 Required: Assuming the exchange has commercial substance, prepare journal entries for Denver and Bristol to record the exchange. 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 PAGE 9 PAGE 12 GENERAL JOURNAL DATE POST. REF. 1 2 ACCOUNT TITLE DEBIT CREDIT