Hailstorm Irelamd exchanged a three year old truck for a new truck that had a list...
Hailstorm Irelamd exchanged a three year old truck for a new truck that had a list price of $50,000 which was its fair value. the old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. in addition to the $45,000 trade in given for the old truck. HI paid $8,000 cash to complete the deal. record asset exchange with all necessary calculations.
Homework Answers
Answer : To record Journal for exchange of asset :-
| Date | Account title | Debit | Credit |
| New truck | $50,000 | ||
| Accumulated depreciation | $25,000 | ||
| Old truck | $65,000 | ||
| Cash | $8,000 | ||
| Gain (balancing figure) | $2,000 |
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Hailstorm Irelamd exchanged a three year old truck for a new
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Hailstorm Ireland exchanged a three-year-old truck for a new truck that had a list price of $50,000, which was its fair value. The old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. In addition to the $45,000 trade-in given for the old truck, HI paid $8,000 cash to complete the deal Record the asset exchange with all necessary calculations Refer to the class lecture, elaborate the accounting procedures involved for asset disposal through...
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ans it fast plz
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