Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2014. 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.

Instructions
(a) Journalize the exchange for Rizzo’s Delivery Company.
(b) Journalize the exchange for Overland’s Express Delivery.