Question: i need help solving this problem please! Problem 10-9 (Part Level Submission) On August 1, Pharoah, Inc. exchanged productive assets with Novak, Inc. Pharoah's asset

i need help solving this problem please! Problem 10-9 (Part Level Submission)On August 1, Pharoah, Inc. exchanged productive assets with Novak, Inc. Pharoah'si need help solving this problem please!

Problem 10-9 (Part Level Submission) 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 Asset B Original cost $105,600 $121,000 Accumulated depreciation (to date of exchange) 44,000 51,700 Fair value at date of exchange 66,000 82,500 Cash paid by Pharoah, Inc. 16,500 Cash received by Novak, Inc. 16,500 (a) 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 0 for the amounts) Debit Account Titles and Explanation haroa Inc.'s Books

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