Krisrali Corporation traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck worth $3,700.

Question:

Krisrali traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck worth $3,700. Kristali also paid $3 00 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...