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Cheng Company traded a used truck for a new truck. The used truck cost $96, 240 and has accumulated depreciation of $86, 616. The new

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Cheng Company traded a used truck for a new truck. The used truck cost $96, 240 and has accumulated depreciation of $86, 616. The new truck is worth $118, 695. Cheng also made a cash payment of $115, 488 Prepare Cheng's entry to record the exchange. (The exchange lacks commercial substance.)

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