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Navajo Corporation traded a used truck (cost $25,000, accumulated depreciation $22,500) for a small computer worth $4,125. Navajo also paid $625 in the transaction. Prepare
Navajo Corporation traded a used truck (cost $25,000, accumulated depreciation $22,500) for a small computer worth $4,125. Navajo also paid $625 in the transaction.
Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.
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