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Corans delivery company and Enrights express delivery changed delivery trucks on Jan 1, 2010. Coran's truck cost $22,000. It has accumulated depreciation of $15,000 and a fair market value of $4000. Enrights truck cost $10,000. It has accumulated depreciation of $8,000 and a fair market value of $4,000. The transaction has commercial substance.

A) Journalize the exchange for Coran's Delivery company.

B) Journalize the exchange for Enright's Express delivery.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M976713

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