(Answered) Question - two independent companies denver and bristol

Accounting

Question - Two independent companies, Denver and Bristol, each own a warehouse, and they agree to exchange them.

The following information for the two warehouses is available:

	Denver	Bristol
cost	90,000	45,000
accumulated depreciation	55,000	25,000
fair value	33,000	30,000

Bristol agrees to pay Denver $ 3,000 to complete the exchange.

Required: Assuming the transaction has commercial substance, prepare journal entries for Denver and Bristol to record the exchange?

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