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Problem - Journalize entries for the exchange of plant assets
Jaxin's Delivery Company and Felicity's Express Delivery exchanged delivery trucks on January 1, 2012. Jaxin's truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of $4,000. Felicity's truck cost $10,000. It has accumulated depreciation of $8,000 and a fair value of $4,000. The transaction has commercial substance.
Instructions -
(a) Journalize the exchange for Jaxin's Delivery Company.
(b) Journalize the exchange for Felicity's Express Delivery.
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