Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $27,000 and $22,000 (original cost of $33,000 less accumulated depreciation of $11,000), respectively. Since the delivery truck was worth $31,000, Nate paid an additional $4,000 in cash to Lizzy.

Nate's Hot Dogs exchanges long-term assets with Lizzy's Lemonade. Nate receives a delivery truck and gives up a piece of machinery. The fair value and book value of the machinery were $27,000 and $22,000 (original cost of $33,000 less accumulated depreciation of $11,000), respectively. Since the delivery truck was worth $31,000, Nate paid an additional $4,000 in cash to Lizzy. Record the exchange for Nate's Hot Dogs. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the exchange for Nate's Hot Dogs. Note: Enter debits before credits. Transaction General Journal Debit Credit