Please Solve In 20mins Carla Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of$3,498. Carla also paid $530 in the transaction.Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)Account Titles and ExplanationDebitCreditComputers3498Trucks21200Cash530Gain on Disposal of Trucks848 Windsor Corporation owns machinery that cost $26,000 when purchased on July 1, 2017. Depreciation has been recorded at a rate of$3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2020. The machinery is sold onSeptember 1, 2021, for $6,760.Prepare journal entries to (a) update depreciation for 2021 and (b) record the sale. (Round answers to 0 decimal places, e.g. 5,275.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter 0 for the amounts.)No. Account Titles and ExplanationDebitCredit(a)Depreciation Expense2080Accumulated Depreciation-Machinery2080(b)Cash6760Accumulated Depreciation-MachineryLoss on Disposal of MachineryMachinery26000

A journal entry is used to document a business arrangement in a company's accounting records. A…

Carla Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Carla also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Computers 3498 Trucke 21200

Carla Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Carla also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Computers 3498 Trucke 21200

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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