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India Trucking bought three used trucks for $60,000. An independent appraisal of the trucks produced the following figures: Truck No.

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India Trucking bought three used trucks for $60,000. An independent appraisal of the trucks produced the following figures:
Truck No. Appraised Value
1..........................................$24,000
2............................................22,000
3............................................20,000
India Trucking paid $21,000 in cash and signed a note for the remainder. Record the purchase in the general journal on February 1 identifying each truck's individual cost in a separate Truck account.

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Horngrens Accounting

Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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Question Details
Chapter # 10- Property, Plant, and Equipment; and Goodwill and Intangible Assets
Section: Exercises
Problem: 2
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Question Posted: March 31, 2017 15:39:26
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