*E10-16B Cannon's Delivery Company and Dey's Express Delivery exchanged delivery trucks on January 1, 2017....
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*E10-16B Cannon's Delivery Company and Dey's Express Delivery exchanged delivery trucks on January 1, 2017. Cannon's truck cost $35,000. It has accumulated depreciation of $25,000 and a fair value of $8,000. Dey's truck cost $21,000. It has accumulated depre- ciation of $16,000 and a fair value of $8,000. The transaction has commercial substance. Instructions (a) Journalize the exchange for Cannon's Delivery Company. (b) Journalize the exchange for Dey's Express Delivery
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