Rizzos Delivery Company and Overlands Express Delivery exchanged delivery trucks on January 1, 2017. Rizzos truck cost
Question:
Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2017. 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.
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a Equipment new 3000 Loss on Disposal of Plant Assets 4000 Accumulated Depreciation x Equipment old ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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