Dodd Delivery Company and Hess Delivery Company exchanged delivery trucks on January 1, 2011. Dodd's truck cost $84,000, had accumulated depreciation of $69,000, and has a fair market value of $9,000. Hess's truck cost $63,000, had accumulated depreciation of $54,000, and has a fair market value of $9,000.
Instructions
(a) Journalize the exchange for Dodd Delivery Company.
(b) Journalize the exchange for Hess Delivery Company