rizzo s delivery company and overland s express delivery exchanged delivery trucks o 4373789

Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2017. Rizzo’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of $3,000. Overland’s truck cost $10,000. It has accumulated depreciation of $8,000 and a fair value of $3,000. The transaction has commercial substance.Instructions(a) Journalize the exchange for Rizzo’s Delivery Company.(b) Journalize the exchange for Overland’s Express Delivery.View Solution:
Rizzo s Delivery Company and Overland s Express Delivery exchanged delivery trucks

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