Selling Assets

Question

Nov 1, 2006, 05:28 PM

tdesser

New Member

Join Date: Nov 2006

Posts: 1

Selling Assets

How do I record the following tradein on an asset.

Old Truck Cost $40,000
Depreciation $30,000

New Truck Sale Price $60,000
Trade In Allowance $20,000

The old truck is paid for and I will pay $40,000 cash on the new truck.

Please help with the recording of this asset.

Thanks,

Tim

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