Question: Dean Carpet Stores owned an automobile with a 15 000 cost
Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of December 31, 2014. Its fair value on this date was $3,000. On the same day, Dean exchanged this auto for a computer with a fair value of $5,800. Dean was required to pay additional $2,750 cash. Prepare the entry to record this transaction for Dean.
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