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2. The following information pertains to the acquisition of a six-wheel truck by Sol Barr, a self-employed contractor: Cost of original truck traded in $20,000
2. The following information pertains to the acquisition of a six-wheel truck by Sol Barr, a self-employed contractor: Cost of original truck traded in $20,000 Book value of original truck at trade-in date 4,000 List price of new truck 25,000 Trade-in allowance for old truck 6,000 Business use of both trucks 100% The basis of the new truck is on
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Financial Accounting
Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess
9th Edition
032418803X, 978-0324188035
