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On August 1, Pharoah, Inc. exchanged productive assets with Novak, Inc. Pharoah's asset is referred to below as "Asset A," and Novak' is referred to as "Asset B." The following facts pertain to these assets. Asset A $99,840 41,600 Original cost Accumulated depreciation (to date of exchange) Fair value at date of exchange Cash paid by Pharoah, Inc. Cash received by Novak, Inc. Asset B $114,400 48,880 78,000 62,400 15,600 15,600 Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Pharoah, Inc. and Novak, Inc. in accordance with generally accepted accounting principles. (Round answers to o 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 o for the amounts.) Debit Credit Account Titles and Explanation Pharoah, Inc.'s Books Machinery (B) Accumulated Depreciation- Gain on Disposal of Machin Machinery (A) 99840 15600 Cash Novak, Inc.'s Books Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Pharoah, Inc. and Novak, Inc. in accordance with generally accepted accounting principles. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to o decimal places e.g. 58,971. 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 o for the amounts.) Debit Credit Account Titles and Explanation Pharoah, Inc.'s Books Novak, Inc.'s Books