Solved: Corans delivery company and enrights express delivery, Accounting Basics

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Corans delivery company and enrights express delivery

1. Coran's Delivery Company and Enright's Express Delivery exchanged delivery trucks on January 1, 2010. Coran's truck cost $22,000. It has accumulated depreciation of $15,000 and a fair market value of $4,000. Enright's truck cost $10,000. It has accumulated depreciation of $8,000 and a fair market value of $4,000.The transaction has commercial substance. Instructions

(a) Journalize the exchange for Coran's Delivery Company.

(b) Journalize the exchange for Enright's Express Delivery.

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Accounting Basics: Corans delivery company and enrights express delivery

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Accounting Basics: Corans delivery company and enrights express delivery

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