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Question: Wendell Corporation exchanged an old truck and $25, 500 cash for a new truck. The truck had a book value of $6,000 (original cost of $25,000 less S19,000 in accumulate depreciation) and a fair value of $7, 700.

Prepare the journal entry to record the exchange. Assume the exchange has commercial substance.

Prepare the journal entry to record the exchange assuming that the exchange lacks commercial substance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93073030

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