On the first day of the fiscal year, equipment with a list price of ($ 160,000) was

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On the first day of the fiscal year, equipment with a list price of $\$ 160,000$ was acquired in exchange for similar equipment and $\$ 136,000$ cash. The old equipment had a cost of $\$ 99,000$ and accumulated depreciation of $\$ 79,000$.

a. Determine the cost of the new truck for financial reporting purposes.

b. Journalize the entry to record the exchange.

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Financial Accounting

ISBN: 9780324380675

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Jun 11, 2024 12:01 AM

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On the first day of the fiscal year, equipment with a list price of ($ 160,000) was

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Financial Accounting

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