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QUESTION 4 Tulip exchanged a truck for two vans. Relevant information is below: Historical cost Accumulated depreciation Fair value Truck $80,000 15,000 62,000 Vans $60,000

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QUESTION 4 Tulip exchanged a truck for two vans. Relevant information is below: Historical cost Accumulated depreciation Fair value Truck $80,000 15,000 62,000 Vans $60,000 24,000 45,000 Required: Write the journal entry for Tulip to record the exchange. The exchange does not have commercial substance. Account Debit Credit I Vans 45,000 Accumulated depreciation - truck 15,000 Loss on Exchange 3,000 Truck 80,000

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