how can do this one please?

44 BCDEFG K L M N O P PROBLEM 3 - Exchange of Assets (30 Points) Townshend Company trades Asset A and $20,000 cash to Daltry Company for Asset B. Relevant information for the trade is given below. Townshend Company Asset Cost-$75,000 Acc Depreciation-$50,000 Fair Value- $40,000 Daltry Company Asset Cost - $100,000 Acc Depreciation $70,000 Fair Value - $60,000 Prepare the journal entries for BOTH companies assuming. 1) The exchange has commercial substance Townshend Company Journal Entry ACCOUNT NAME DEBIT Daltry Company Journal Entry ACCOUNT NAME DEBIT CREDIT ACCOUNT NAME DEBIT CREDIT CREDIT EANS Problem 1 Problem 2 Problem 3 Type here to search A37 X = { B C D E F G H K L M N O P Townshend Company Journal Entry ACCOUNT NAME DEBIT ACCOUNT NAME OU DEBIT Daltry Company Journal Entry ACCOUNT NAME DEBIT CREDIT CREDIT 2) The exchange does not have commercial substance Townshend Company Journal Entry ACCOUNT NAME Daltry Company Journal Entry ACCOUNT NAME DEBIT DEBIT CREDIT CREDIT Problem 1 Problem 2 Problem 3 Ready Type here to search