Spencer Ltd. traded a used truck (cost $30,000, accumulated depreciation $27,000, fair value $2,000) for a new
Question:
Spencer Ltd. traded a used truck (cost $30,000, accumulated depreciation $27,000, fair value $2,000) for a new truck with a fair value of $33,000. Spencer also made a cash payment of $31,000. Prepare Spencer’s entry to record the exchange, and state any assumptions that you have made.
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Vehicles new 1 33000 Loss on Disposal of Vehicles 1000 Ac...View the full answer
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Related Book For 
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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