Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of
Question:
Dean Carpet Stores owned an automobile with a $15,000 cost that had $13,500 accumulated depreciation as of December 31, 2020. 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 an additional $2,750 cash. Prepare the entry to record this transaction for Dean.
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2020 Dec 31 Accumulated Depreciation ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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