ye UI ASSets Instructions Chart of Accounts ! General Joumai Oxt Level Instructions 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 available Denver Cost Bristol $45.000 Accumulated depreciation Fair value $90,000 55,000 30,000 25,000 30,000 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? Previous Next eck My Work