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Marigold Corporation traded a used truck for a new truck. The used truck cost $ 23,000 and has accumulated depreciation of $ 19,550. The new
Marigold Corporation traded a used truck for a new truck. The used truck cost $ 23,000 and has accumulated depreciation of $ 19,550. The new truck is worth $ 40,250. Marigold also made a cash payment of $ 37,950. Prepare Marigolds entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when 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.)
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