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Martinez Company traded a used truck for a new truck. The used truck cost $35,700and has accumulated depreciation of $32,130. The new truck is worth

Martinez Company traded a used truck for a new truck. The used truck cost $35,700and has accumulated depreciation of $32,130. The new truck is worth $44,030. Martinez also made a cash payment of $42,840.

Prepare Martinez's entry to record the exchange. (The exchange lacks commercial substance.)

Account Titles and Explanation

Debit

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