Kongus Inc. traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck with a

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Kongus Inc. traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck with a fair value of $3,700. Kongus also paid $300 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance.
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Intermediate Accounting

ISBN: 978-1119048534

11th Canadian edition Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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