Question
Kingbird Inc. traded a used vehicle (cost $22,000, accumulated depreciation $20,000) for another used vehicle with a fair value of $3,100. Kingbird also paid $290
Kingbird Inc. traded a used vehicle (cost $22,000, accumulated depreciation $20,000) for another used vehicle with a fair value of $3,100. Kingbird also paid $290 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance. (Credit account titles are automatically indented when the 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.)
NOTE ( i only have 4 boxes to fill i dont have 5 boxes so plz be care full on that part
Account Titles and Explanation | Debit | Credit |
---|---|---|
Accumulated Depreciation - Vehicles |
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vehicle |
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|
vehicle |
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cash |
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