Coran’s Delivery Company and Enright’s Express Delivery exchanged delivery trucks on January 1, 2010. Coran’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair market value of $4,000. Enright’s truck cost $10,000. It has accumulated depreciation of $8,000 and a fair market value of $4,000.The transaction has commercial substance. Instructions
(a) Journalize the exchange for Coran’s Delivery Company.
(b) Journalize the exchange for Enright’s Express Delivery.