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Blossom Inc. exchanged an old vehicle for a new vehicle on August 31, 2021. The original cost of the vehicle was 544000 on January 1.
Blossom Inc. exchanged an old vehicle for a new vehicle on August 31, 2021. The original cost of the vehicle was 544000 on January 1. 2017. Depreciation was calculated using the straight-line method over a ten-year useful life with an estimated residual value of $3100. The fair value of the old vehicle on August 31, 2021 was $21000. The list price of the new vehicle was $29800. Blossom received a $24500 trade in allowance from the dealership and paid $5300 cash for the new vehicle. As a result of this transaction the company would record which of the following? O Dr. Lass on Disposal $3780 O Cr. Vehicle $23000 O Cr. Gain on Disposal $3780 O Cr. Cash $24500 Attempts Do I used SA
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