Navajo corporation traded a used truck cost 20000, Ask an Expert

Accounting

Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,300. Navajo also paid $500 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M989858

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