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Culver Company traded a used truck for a new truck. The used truck cost $43,800 and has accumulated depreciation of $39,420. The new truck is

Culver Company traded a used truck for a new truck. The used truck cost $43,800 and has accumulated depreciation of $39,420. The new truck is worth $54,020. Culver also made a cash payment of $52,560.

Prepare Culvers entry to record the exchange. (The exchange lacks commercial substance.)

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