In June, Sherby took advantage of the opportunity to exchange 2 of its delivery trucks for 2 newer model trucks. The delivery trucks were originally purchased at a cost of $150,000 and their current book value is $84,000. The fair value of the trucks is $87,000. Sherby had to pay $90,000 cash as part of the deal. The transaction will not change Sherbys economic position or cash flows from using the trucks.

My question is if I can debit and credit the same account in the same journal transaction?

Trucks 177,000.00

Trucks 84,000.00

Gain on Exchange 3,000.00

Cash 90,000.00