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Intermediate accounting question
wendell corporation exchanged an old truck and 25500 cash for a new truck. The old truck had a book value of 6000(original cost of 25000 less 19000 in accumulated depreciation) and a fair value of 7700.
1. prepare the journal entry to record the exchange. Assume the exchange has commercial substance. 2. prepare the journal entry to record the exchange assuming that the exchange lacks commercial substance. |
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