Del Piero Company exchanges its delivery trucks and $100,000 for similar type delivery trucks from...
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Accounting
Del Piero Company exchanges its delivery trucks and $100,000 for similar type delivery trucks from Gerrard Company. For both companies, the future cash flows are not expected to change as a result of this exchange. Relevant information on the date of exchange is as follows: Del Piero Company: Trucks (at cost):$400,000 Accumulated depreciation: 100,000 Fair market value: $400,000
Gerrard Company: Trucks (at cost): $600,000 Accumulated depreciation: 200,000 Fair market value: $500,000
i) How does Del Piero record the exchange?
ii) How does Gerrard record the exchange?
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