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QUESTION 9 Tulip exchanged a truck for two vans. Relevant information is below: Historical cost Accumulated depreciation Fair value Truck $90,000 15,000 62,000 Vans $60,000

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QUESTION 9 Tulip exchanged a truck for two vans. Relevant information is below: Historical cost Accumulated depreciation Fair value Truck $90,000 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 Vans Accumulated depreciation - truck 15,000 Truck 80,000

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