Jay’s Delivery Company and Astro’s Express Delivery exchanged delivery trucks on January 1, 2020. Jay’s truck cost €22,000. It has accumulated depreciation of €16,000 and a fair value of €4,000. Astro’s truck cost €10,000. It has accumulated depreciation of €7,000 and a fair value of €4,000. The transaction has commercial substance. Instructions a. Journalize the exchange for Jay’s Delivery Company.b.

Chapter 10, Exercises #19

Jay’s Delivery Company and Astro’s Express Delivery exchanged delivery trucks on January 1, 2020. Jay’s truck cost €22,000. It has accumulated depreciation of €16,000 and a fair value of €4,000. Astro’s truck cost €10,000. It has accumulated depreciation of €7,000 and a fair value of €4,000. The transaction has commercial substance.


Instructions
a. Journalize the exchange for Jay’s Delivery Company.
b. Journalize the exchange for Astro’s Express Delivery.

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