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:DenverBristolCost$90,000$ 45,000Accumulated depreciation55,00025,000Fair value30,00030,000Required:1.Assumin g the exchange has commercial substance, prepare journal entries for both Denver and Bristol to record the exchange.2.Assuming the exchange does not have commercial substance, prepare journal entries for both Denver and Bristol to record the exchange.
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Two independent companies, Denver and Bristol, each own a warehouse, and they agree to an exchange i...
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