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Brief Exercise 10-11 Flint Company traded a used truck for a new truck. The used truck cost $34,800 and has accumulated depreciation of $31,320. The
Brief Exercise 10-11 Flint Company traded a used truck for a new truck. The used truck cost $34,800 and has accumulated depreciation of $31,320. The new truck is worth $42,920. Flint also made a cash payment of $41,760. Prepare Flints entry to record the exchange. (The exchange lacks commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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