Exercise 9-15 a-b Presented below are two independent transactions. Both transactions have commercial substance. 1. Flounder Co. exchanged old trucks (cost $66,500 less $20,500 accumulated depreciation) plus cash of $18,000 for new trucks. The old trucks had a fair value of $43,000. Larkspur Inc. trades its used machine (cost $10,740 less $3,580 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $9,660), Larkspur also paid cash of $2,700. 2. Prepare the entry to record the exchange of assets by Flounder Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the amounts.) Account Titles and Explanation Debit Credit Prepare the entry to record the exchange of assets by Larkspur Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for th amounts.) Account Titles and Explanation Debit Credit