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    schoolworker's Avatar
    schoolworker Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 9, 2007, 11:02 AM
    J/E "Boot" Trade in Value
    How do you record the trade in value from a fixed asset? We bought a bus and traded in an old bus at the value of $1700, which is included in the cost of the new bus. How does this get recorded? I remember something about it being called a "boot" entry? Not sure? If you know anything please let me know ASAP. Thanks!:o
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    May 9, 2007, 07:44 PM
    You would…

    Dr. New Asset
    Dr. Accumulated Amortization – Old Asset
    Cr. Old Asset
    Cr. Cash
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