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Nikki Haley Inc. exchanges a truck for a similar truck. The transaction has commercial substance. a. Make the journal entry for the exchange from the

image text in transcribed Nikki Haley Inc. exchanges a truck for a similar truck. The transaction has commercial substance. a. Make the journal entry for the exchange from the point of view of Nikki Haley Inc. only. b. What is the effect of this entry on total assets, liabilities, equity, revenues, expenses, and net income? Give both direction and amount

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