Great Coast Construction (GCC) exchanged a three-year-old excavator for a new excavator that had a list price of $53,000, which was its fair value. The old excavator originally cost $75,000 and has accumulated depreciation of $45,000 to the date of exchange. In addition to the $45,000 trade-in given for the old excavator, GCC paid $8,000 cash to complete the deal. Record the journal entry for the asset exchange.

Answer rating: 100% (QA)

ExcavatorNew 45000 A... View the full answer