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Problem - Journalize entries for exchange of plant assets

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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.

Reference no: EM132653597

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