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Brief Exercise 10-13 Marin Ltd. traded a used truck (cost $35,000, accumulated depreciation $32,000, fair value $2,000) for a new truck. Marin does not know
Brief Exercise 10-13 Marin Ltd. traded a used truck (cost $35,000, accumulated depreciation $32,000, fair value $2,000) for a new truck. Marin does not know the fair value of the new truck. The list price of the new truck is $41,000 and the trade-in allowance given on the trade was $5,000. If Marin paid $36,000, what should be the amount used as the cost of the new truck? The cost of the new truck Prepare Marin's entry to record the exchange. (Credit account titles are automatically indented when the 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.) Account Titles and Explanation Debit Credit
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