Penaga Indah acquires a new vehicle through an exchange transaction. The old vehicle cost RM138,000, and...

 

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Penaga Indah acquires a new vehicle through an exchange transaction. The old vehicle cost RM138,000, and the accumulated depreciation of RM48,000 was exchanged for a new vehicle with a payment of RM47,000. The fair value of the old vehicle is RM98,000. Required: Prepare the journal entry to record the above transaction, assuming the exchange has a commercial value. Penaga Indah acquires a new vehicle through an exchange transaction. The old vehicle cost RM138,000, and the accumulated depreciation of RM48,000 was exchanged for a new vehicle with a payment of RM47,000. The fair value of the old vehicle is RM98,000. Required: Prepare the journal entry to record the above transaction, assuming the exchange has a commercial value.