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Trade in owned vehicle for lease
My company owner traded in a company-owned vehicle that was fully depreciated for a leased vehicle. The owned vehicle had a note with a balance of $47,000 on it. The dealership where he traded gave/allowed him $42,000 on the trade-in and rolled the $5000 difference into the new lease payment.
I can remove the owned vehicle from the books but I'm not sure how to handle the rest of the transaction (get rid of note, etc). |
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