Brief Exercise 10-8 Sheffield Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Sheffield also paid $530 in the transaction. Prepare the journal entry to record the exchange. (The exchange has 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.)

Brief Exercise 10-8 Sheffield Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Sheffield also paid $530 in the transaction. Prepare the journal entry to record the exchange. (The exchange has 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 O for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work