P9.9 (LO 3) (Non-Monetary Exchanges) On August 1, Hyde Ltd. exchanged productive assets with Wiggins Ltd. Hyde’s asset is referred to below as Asset A, and Wiggins’ is referred to as Asset B. The following facts pertain to these assets.

Asset A Asset B Original cost £96,000 £110,000 Accumulated depreciation (to date of exchange) 40,000 47,000 Fair value at date of exchange 60,000 75,000 Cash paid by Hyde Ltd. 15,000 Cash received by Wiggins Ltd. 15,000 Instructions

a. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Hyde Ltd. and Wiggins Ltd.

b. Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Hyde Ltd. and Wiggins Ltd.