Question
Company ABC owns a used car. The car has an original cost of $40,000, and it had an up-to-date accumulated depreciation of $30,000, as well
Company ABC owns a used car. The car has an original cost of $40,000, and it had an up-to-date accumulated depreciation of $30,000, as well as a fair value of $4,000. Assuming that Company ABC exchanges this used car and $35,000 cash for a new delivery truck, on Dec 31, 2019.
Write down the complete journal entry for this transaction.
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Accounting Fraud, Maneuvering And Manipulation, Past And Present
Authors: Gary Giroux
2nd Edition
1947098748, 9781947098749
