Trade in truck with down payment and remaining financed [Archive]

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kentay

Jul 26, 2010, 11:46 AM

I am trading in trucks with a cost of $590968 depr $236388 payoff old loans $348205.. cost of new trucks $641888 new loans 629500... how do I make this journal entry

morgaine300

Jul 30, 2010, 01:01 AM

Can you clarify "payoff old loans $348205"? Are you meaning you paid that off, or that that's still what is due and is tied up in that 629500?