Flounder's Delivery Company and Novak's Express Delivery exchanged delivery trucks on January $1,2027.$ Flounder's truck cost $$22,000.$ it has accumulated depreciation of $$15,500$ and a fair value of $$3,300.$ Novak's truck cost $$8,000.$ It has accumulated depreciation of $$6,400$ and a tair value of $53,300.$ The transaction has commercial substance.

$($a$)$

$($b$)$

Your answer is partially correct.

Journalize the exchange for Novak's Express Delivery. $($List all debit entries before credit entries Credit occount bitles ore outomatically indented when amount is entered. Do not indent monudly. I" no entry is required. select $"$Wo Entry" for the occount titles and enter O for the amouts include in your joumd entry separate account entries for both the new and old equipment.$)$

Account Titles and Explanation

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Credit

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$$

$$

$$