Barnett Company contracts with Wilbury Company to exchange refrigerated trucks.Barnett Company will trade three SMC trucks for four DROF trucks owned byWilbury Company.

The trucks are approximately the same age and have the same remaining useful lives. The fair value of the SMC trucks is $51,700 with a book value of$38,500 (cost $65,900 less $27,400 accumulated depreciation). The DROF trucks have a fair value of $66,800 and Barnett Company givesm$15,100 in cash (paid) in addition to the SMC trucks.

Record the transaction on the books of the Barnett Company. Assume the exchange does not have commercial substance. (Record debits first, then credits. Exclude explanations from any journal entries.)

Account	Date of the Exchange