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Bridgeport's Delivery Company and Sarasota's Express Delivery exchanged delivery trucks on January 1, 2017. Bridgeport's truck cost $22,500. It has accumulated depreciation of $14,500 and

Bridgeport's Delivery Company and Sarasota's Express Delivery exchanged delivery trucks on January 1, 2017. Bridgeport's truck cost $22,500. It has accumulated depreciation of $14,500 and a fair value of $2,800. Sarasota's truck cost $11,500. It has accumulated depreciation of $9,200 and a fair value of $2,800. The transaction has commercial substance.

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