On August 1, Blossom, Inc. exchanged productive assets with Blue, Inc. Blossom's asset is referred to below as "Asset A," and Blue' 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 Blossom, Inc. |
19,200 |
| Cash received by Blue, Inc. |
19,200 |
Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Blossom, Inc. and Blue, Inc. in accordance with generally accepted accounting principles. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)