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Flounder express delivery exchanged delivery

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Novak's Delivery company and Flounder's Express Delivery exchanged delivery trucks on January 1, 2022. Novak's truck cost $22,500. It has accumulated depreciation of $16,000 and a fair value of $3,300. Flounder's truck cost $11,500. It has accumulated depreciation of $9,200 and a fair value of $3,300. The transaction has commercial substance. Journalize the exchange

Reference no: EM133230946

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