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Skysong Ltd. traded a used truck (cost $29,800, accumulated depreciation $26,820, fair value $1,410) for a new truck with a fair value of $32,130.
Skysong Ltd. traded a used truck (cost $29,800, accumulated depreciation $26,820, fair value $1,410) for a new truck with a fair value of $32,130. Skysong also made a cash payment of $30,720. Prepare Skysong's entry to record the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
