Bryn Enterprises exchanged old trucks( cost $70000 less $27000 accumulated depreciation )plus cash of $ 20000 for a new semi - truck. The old trucks had a fair market value of $23000. Prepare the entry to record the exchange of assets by Bryn Enterprises.

Bryn Enterprises exchanged old trucks( cost $70000 less $27000 accumulated depreciation )plus cash of $ 20000 for a new semi - truck. The old trucks had a fair market value of $23000. Prepare the entry to record the exchange of assets by Bryn Enterprises.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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