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

please show work Madison & Gallatin Companies exchanged assets during the

please show work

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 1,500,000 1,600,000 Fair value of equipment 1,200.000 Cash paid 600,000 Cash received 600,000 A. Assuming the exchange has commercial substance, record the exchange for Madison. Madison's Books: Accounts Debit Credit B. Assume the exchange does not have commercial substance, record the exchange for Gallatin. Gallatin's Books: Accounts Debit Credit

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