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NEED HELP WITH THIS Navajo Corporation traded a used truck (cost $57,920, accumulated depreciation $52,128) for a small computer with a fair value of $9,557.
NEED HELP WITH THIS
Navajo Corporation traded a used truck (cost $57,920, accumulated depreciation $52,128) for a small computer with a fair value of $9,557. Navajo also paid $1,448 in the transaction. Prepare the journal 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.)Step by Step Solution
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