Sam's Taxi Company exchanged a fleet of Toyota vehicles for an equal-sized fleet of Nissan vehicles from the Dave Transportaion Group. The carrying value and fair value of each fleet of vehicles on the date of the exchange are as follows:

Sam's Taxi received cash of $79,500 and the Nissan fleet in exchange for the Toyota fleet. Sam's Taxi does not expect the future cash flows to change significantly as a result of this exchange and, therefore, the transaction lacks commercial substance.

Prepare the journal entry to record the exchange transaction for Sam's Taxi Company. (Record debits first, then credits. Exclude explanations from any journal entries.)

Fair Accumulated Carrying Value Asset Cost Depreciation Value Toyota fleet (Asset Given Up) 1,090,000 510,000 580,000 795,000 Nissan fleet (Asset Received) 980,000 290,000 690,000 715,500