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Required: Prepare the journal entries for Company A for scenarios below. Treat each of the scenarios independently. Company A gives a truck, which cost $10000
Required: Prepare the journal entries for Company A for scenarios below. Treat each of the scenarios independently. Company A gives a truck, which cost $10000 and has accumulated amortization at the date of sale of $7000, and $500 cash to Company B in exchange for a computer. The market value of the truck is $4500. The computer has an estimated fair value of approximately $5,200. Give the journal entry for Company A. Company A sells the above truck to Company C. In exchange, Company C. gives Company A $400 and a television set. The market value of the truck is estimated to be $4500. The television set has a fair value of $4,000. The fair value of the television set is more reliably measurable. Give the journal entry for Company A. Company A sells a car (cost $5000, accumulated amortization at date of sale $3000 ) to Company B in exchange for a truck. The truck will perform the same duties as the car. The car has a fair market value of $4000. Give the journal entry for Company A. Company A sells a car (cost $5000, accumulated amortization at date of sale $3000 ) in exchange for a truck and $400 from Company B. The truck will perform the same duties as the car. The car has a fair market value of $4000. Give the journal entry for Company A. Company A sells a car (cost $5000, accumulated amortization at date of sale $3000 ) and gives $300 in exchange for a truck from Company B. The truck will perform the same duties as the car. The car has a fair market value of $4000. Give the journal entry for Company A. Company A sells a car (cost $5000, accumulated amortization at date of sale $1000 ) in exchange for a truck and $100 from Company B. The truck will perform the same duties as the car. The car has a fair market value of $2000. Give the journal entry for Company A
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