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Please solve part (b) On August 1, Novak, Inc...

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Accounting

Please solve part (b)
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On August 1, Novak, Inc exchanged productive assets with Splish, Inc. Novak's asset is referred to below as "Asset A," and Splish' is referred to as "Asset B:" The following facts pertain to these assets. Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Novak, Inc. and Splish, Inc. in accordance with generally accepted accounting principles, (Round answers to 0 decimal places, eg, 5,275. Credit occount titles ore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts. List all debit entries before credit entries. Assuming that the exchange of Assets A and 8 lacks commercial substance, record the exchange for both Novak, Inc, and Splish. Inci in sccordance with generally accepted accounting principles. (Do not rotend intermedlate colculations. Roemd final answer to 0 decimal places 5.58,971. Credlit account titles are automatically indented when amount is entered. Do not indent manuolik. If no entry is mquired, select "No Entry" for the account tilies and enter of for the amounts)

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