X More Info The trucks are approximately the same age and have the same remaining useful lives. The fair value of the SMC trucks is $51,200 with a book value of $37,200 (cost $65,200 less $28,000 accumulated depreciation). The DROF trucks have a fair value of $66,600 and Johnson Company gives $15,400 in cash (paid) in addition to the SMC trucks. Print Done Johnson Company contracts with Hillis Company to exchange refrigerated trucks. Johnson Company will trade three SMC trucks for four DROF trucks owned by Hillis Company. (Click the icon to view additional information.) Requirement Record the transaction on the books of the Johnson Company. Assume the exchange does not have commercial substance. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Date of the Exchange