The transactions listed below occurred at Jarred Company during 2019 DATE TRANSACTIONS Mar 25 Exchanged a printer (Office Equipment) that had an original cost of $4,510 when purchased on January 4, 2017 The useful life of the old asset was originally estimated at four years and the salvage value at $190 The new printer had a price and market value of $9,440 Jarred gave up the old machine and paid $4,720 cash The new printer is estimated to have a useful life of five years and a salvage value of $590 July 19 Exchanged a truck (Vehicles) for a new one that had a sales price, and fair value, of $42,600 Received a trade in allowance of $10,400 on the old truck and paid cash of $32,200 The old truck had been purchased for $34,260 on May 27, 2016, three years earlier The life of the old truck was originally estimated at four years and the salvage value at $5,700 The life of the new truck is estimated to be five years and it is estimated to have a salvage value of $8,700 Aug 18 Sold a truck that was purchased on January 5, 2017, for an original purchase price of $40,020 It had an estimated life of four years and an estimated salvage value of $6,900 Sales price is as indicated in Instructions, below Required Note In following these instructions, assume that straight line depreciation is used and that depreciation was last recorded on December 31, 2018 ( Note The presentation in the text related to the exchanges of assets has been superseded by FAS 153 Under FAS 153, gains and losses on the exchange of assets that have commercial substance are recognized in full The deferral of gains (by reducing the basis in the new asset) only pertains to assets that lack commercial substance ) Prepare the journal entries to record the two exchange transactions Record depreciation on the printer Record the exchange for the new printer Record depreciation on the truck Record the exchange for the new truck Record the journal entries for the truck sold on August 18, 2019 Record the depreciation for the year for the truck sold on August 18 Record the sale of the truck at a sales price of $19,500 Record the sale of the truck at a sales price of $15,900 Record the sale of the truck at a sales price of $19,500 Analyze What was the book value of the truck sold on August 18

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The transactions listed below occurred at Jarred Company during 2019: DATE TRANSACTIONS Mar. 25 Exchanged a printer (Office Equipment) that had an original cost of

The transactions listed below occurred at Jarred Company during 2019:

DATE	TRANSACTIONS
Mar. 25	Exchanged a printer (Office Equipment) that had an original cost of $4,510 when purchased on January 4, 2017. The useful life of the old asset was originally estimated at four years and the salvage value at $190. The new printer had a price and market value of $9,440. Jarred gave up the old machine and paid $4,720 cash. The new printer is estimated to have a useful life of five years and a salvage value of $590.
July 19	Exchanged a truck (Vehicles) for a new one that had a sales price, and fair value, of $42,600. Received a trade-in allowance of $10,400 on the old truck and paid cash of $32,200. The old truck had been purchased for $34,260 on May 27, 2016, three years earlier. The life of the old truck was originally estimated at four years and the salvage value at $5,700. The life of the new truck is estimated to be five years and it is estimated to have a salvage value of $8,700.
Aug. 18	Sold a truck that was purchased on January 5, 2017, for an original purchase price of $40,020. It had an estimated life of four years and an estimated salvage value of $6,900. Sales price is as indicated in Instructions, below.

Required: Note: In following these instructions, assume that straight-line depreciation is used and that depreciation was last recorded on December 31, 2018. (Note: The presentation in the text related to the exchanges of assets has been superseded by FAS 153. Under FAS 153, gains and losses on the exchange of assets that have commercial substance are recognized in full. The deferral of gains (by reducing the basis in the new asset) only pertains to assets that lack commercial substance.)

Prepare the journal entries to record the two exchange transactions.
1. Record depreciation on the printer.
2. Record the exchange for the new printer.
3. Record depreciation on the truck.
4. Record the exchange for the new truck.
Record the journal entries for the truck sold on August 18, 2019.
1. Record the depreciation for the year for the truck sold on August 18.
2. Record the sale of the truck at a sales price of $19,500.
3. Record the sale of the truck at a sales price of $15,900.
Record the sale of the truck at a sales price of $19,500.