EXtra credr Sample Non-monetary Exchange Questions 10 poinTs # to 16 Exchange has commercial substance "18 Due 1. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company. 2. Gain Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright also pays $3,000 cash Prepare the journal entry to record the exchange for Bright Company. Exchange lacks commercial substance 3. Loss Bright Company exchanges a used truck (Cost $20,000; Accumulated Depreciation $2,000) for a new truck. The fair value of the used truck has been determined at $15,000 and Bright also pays $2,000 cash. Prepare the journal entry to record the exchange for Bright Company 4. Gain (no boot and no cash paid) Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for anew truck. The fair value of the used truck has been determined at $10,000. Prepare the journal entry to record the exchange for Bright Company. 5. Gain (no boot and cash paid) Bright Company exchanges a used truck (Cost $30,000; Accumulated Depreciation $28,000) for a new truck. The fair value of the used truck has been determined at $10,000 and Bright also pays $3,000 cash. Prepare the journal entry to record the exchange for Bright Company. 6. Gain (with