Solution-Record the exchange for both monty inc and

Record the exchange for both monty inc and flounder inc

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Reference no: EM133185456

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	$122,880	$140,800
Accumulated depreciation (to date of exchange)	51,200	60,160
Fair value at date of exchange	76,800	96,000
Cash paid by Monty, Inc.	19,200
Cash received by Flounder, Inc.		19,200

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: EM133185456

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Record the exchange for both monty inc and flounder inc

Reference no: EM133185456

Reference no: EM133185456

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