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Journal Entry on trade-in of vehicle
I have a car on the books for $80K having a note payable of $64K. It has market value of $60k. The new vehicle also costs $80K. Trade-in is for $65K I am paying the $15K in cash. No accum deprec. Only owned for 6 months.
Is it as simple as?: Loss 15,000 Cash 15,000 |
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