Rizzos Delivery Company and Overlands Express Delivery exchanged delivery trucks on January 1, 2021. Rizzos truck cost

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Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2021.
Rizzo’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of $3,000. Overland’s
truck cost $10,000. It has accumulated depreciation of $8,000 and a fair value of $3,000. The transaction has
commercial substance.
Required: a) Journalize the exchange for Rizzo’s Delivery Company.

b) Journalize the exchange for Overland’s Express Delivery.

Posted Date: Sep 30, 2021 04:20 AM

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Rizzos Delivery Company and Overlands Express Delivery exchanged delivery trucks on January 1, 2021. Rizzos truck cost

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