Question: please help. Madison & Gallatin Companies exchanged assets during the year. Assume that the following cases are independent and rely on the following data Madison

please help.

please help. Madison & Gallatin Companies exchanged assets during the year. Assume

Madison & Gallatin Companies exchanged assets during the year. Assume that the following cases are independent and rely on the following data Madison Co Gallatin Co Equipment (cost) $3,000,000 $2,700,000 Accumulated depreciation 1.400,000 1,600.000 Fair value of equipment 1.200,000 Cash paid 300 000 Cash received 300 000 A. Assuming the exchange has commercial substance, record the exchange on Gallatin's Books Gallatin's Books: Accounts Debut Credit B. Assuming the exchange does not have commercial substance, record the exchange for Madison. Madison's Books: Debit Accounts Credit

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