Daniel’s Delivery Company and Sandra’s Express Delivery exchanged delivery trucks on January 1, 2020. Daniel’s truck...

Daniel’s Delivery Company and Sandra’s Express Delivery exchanged delivery trucks on January 1, 2020. Daniel’s truck cost 18,000. It has accumulated depreciation of $15,000 and a fair market value of $5,000. Sandra’s truck cost $10,000. It has accumulated depreciation of $8,000 and a fair market value of $5,000. Daniel’s Delivery Company paid Sandra’s Express Delivery $2,000 for this transaction. The transaction has commercial substance.

Journalize the exchange for Daniel’s Delivery Company
Journalize the exchange for Sandra’s Express Delivery

Expert Solution

ekkarill92 answered 1 year ago

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