Cost DESCRIPTION Accumulated Depreciation Fair Value Cash James Corp (Camry 2021) $ 25,000 11,000 15,000 2,000 Sunshine Company (2023 Camry) $30,000 12,000 13,000 James Corporation has agreed to exchange the 2021 Camry for the 2023 Camry from Sunshine Company. In addition, Sunshine will pay James $2,000. The 2021 Camry original cost is $25,000 and has accumulated depreciation of $11,000 with fair value of $15,000. The 2023 Camry original cost was $30,000 and its accumulated depreciation is $12,000, and the fair market value is $13,000. REQUIRED: Prepare the journal entries to record the exchange on both company's books.

\begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ DESCRIPTION } & JamesCorp(Camry2021) & SunshineCompany(2023Camry) \\ \hline Cost & $25,000 & $30,000 \\ \hline Accumulated Depreciation & 11,000 & 12,000 \\ \hline Fair Value & 15,000 & 13,000 \\ \hline Cash & 2,000 & . \\ \hline \end{tabular} James Corporation has agreed to exchange the 2021 Camry for the 2023 Camry from Sunshine Company. In addition, Sunshine will pay James $2,000. The 2021 Camry original cost is $25,000 and has accumulated depreciation of $11,000 with fair value of $15,000. The 2023 Camry original cost was $30,000 and its accumulated depreciation is $12,000, and the fair market value is $13,000. REQUIRED: Prepare the journal entries to record the exchange on both company's books