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Record the exchange for both Monty Inc and Flounder Inc

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Question - On August 1, Monty, Inc. exchanged productive assets with Flounder, Inc. Monty's asset is referred to below as "Asset A," and Flounder' is referred to as "Asset B." The following facts pertain to these assets.

 

Asset A

Asset B

Original cost

$111,360

$127,600

Accumulated depreciation (to date of exchange)

46,400

54,520

Fair value at date of exchange

69,600

87,000

Cash paid by Monty, Inc.

17,400

 

Cash received by Flounder, Inc.

 

17,400

Required - Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Monty, Inc. and Flounder, Inc. in accordance with generally accepted accounting principles.

Reference no: EM132630563

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