Dissimilar Exchanges of assets

Homework:

1. Don Inc exchanges a truck costing 12,000 with a book value fo 8000 and fair market

value of 9000 for equipment costing 11000 book value of 9000 and fair market value of

10,000. Record the entry for Don Inc.

2. Banks Inc exchanged her computer system costing 4000, book value 1500 and fair

market value 1,000 for an auto costing 5000, book value 3000 and fair market value

of 1800.