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Pr 8-9 Nonmonetary Exchanges On August 1, Windsor, Inc. exchanged productive assets with Sheridan, Inc....

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Pr 8-9 Nonmonetary Exchanges On August 1, Windsor, Inc. exchanged productive assets with Sheridan, Inc. Windsor's asset is referred to as Asset A" in the table below and Sheridan, Inc.'s asset is referred to as "Asset B. The following facts pertain to these assets. Windsor Shandon Asset AAsset B $132,480 $151,80D Accumulated depreciation (to date of exchange) S,200 64,860 Original cost 82,800 103,500 Fair value at date of exchange Cash paid by Windsor, Inc. Cash recelved by Sherldan, Inc. 20,700 20,700 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Windsor, Inc. and Sheridan, Inc. in accordance with generally accepted accounting principles. a) Windsor, Inc.'s Books Date Account Title Debit Credit Foss& Sheridan, Inc.'s Books Debit Credit Date Account Title Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Windsor, Inc. and Sheridan, Inc. in accordance with generally accepted accounting principles b) Windsor, Inc.'s Books Date Account Title Debit Credit

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