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BE10.11 Cheng Company traded a used truck for a new truck. Below is the financial information related to this exchange: Used truck, cost $ 30,000
| BE10.11 | |||||
| Cheng Company traded a used truck for a new truck. Below is the financial information related to this | |||||
| exchange: | |||||
| Used truck, cost | $ 30,000 | ||||
| Accumulated depreciation, used truck | $ 27,000 | ||||
| New truck | $ 37,000 | ||||
| Cash paid by Cheng | $ 36,000 | ||||
| Prepare the journal entry to record the exchange. (The exchange lacks commercial substance.) |
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Principles Of Food Beverage And Labor Cost Controls
Authors: Paul R. Dittmer, J. Desmond Keefe III
9th Edition
0471783471, 978-0471783473
