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A company has decided to exchange some computers for a used truck. The company had listed the computers on its balance sheet at a cost
A company has decided to exchange some computers for a used truck. The company had listed the computers on its balance sheet at a cost of $20,000 with accumulated depreciation of $7,000. The fair value of these computers is $15,000. The company gave up the computers along with $500 cash for the used truck. The fair value of the used truck is $16,000. Prepare the journal entry for the transaction.
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