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.