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PE Jo.1 CLO3) USe the info. for Navajo Corroration. from AEJ& Prerere He Journal entry to record the exchangg 4S5um Ing the exdange lacks commercial substance.

PE Jo.1 CLO3) USe the info. for Navajo Corroration. from AEJ& Prerere He Journal entry to record the exchangg 4S5um Ing the exdange lacks commercial substance.

FINANCIAL ACCOUNTING
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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I only need help for Question 10.9 only based on the given answer for Question 10.8.
PEJ6.1 CLO3) Use the info, for Navajo Corroration from REJ6& Prerere 4he Journal entry to record the exahang 45um Ing the exdange lacks Commercial substance.
Transcribed Image Text:PEJ6.1 CLO3) Use the info, for Navajo Corroration from REJ6& Prerere 4he Journal entry to record the exahang 45um Ing the exdange lacks Commercial substance.
BE 16.8 CLOBD Novado iCorforation traded a ased trusk (Cast $2ojo00j accumuladed dercec$18/00) for q small computer Wth a fair valie.of $3,8001 e ritaion 20 Navajo also Paid š$500 in the transact ion Prepare the Journal.entry to record the exclange. CThe exchange has Commercial substance) Step I Gain/ Closs) on exchange of truck= Fair Value of computer-(ash Paid -Net book vale of truck =$3300- $500-C$20000-$18.000) ual apinl =$800 Step2 Date Account Titles and Explangtion. Computer Accum. Deerec- Truck Debit $3,300 $15,000 Credlt Truck Gain on disposalof truck Cash (To record the exchange) $800 $500
Transcribed Image Text:BE 16.8 CLOBD Novado iCorforation traded a ased trusk (Cast $2ojo00j accumuladed dercec$18/00) for q small computer Wth a fair valie.of $3,8001 e ritaion 20 Navajo also Paid š$500 in the transact ion Prepare the Journal.entry to record the exclange. CThe exchange has Commercial substance) Step I Gain/ Closs) on exchange of truck= Fair Value of computer-(ash Paid -Net book vale of truck =$3300- $500-C$20000-$18.000) ual apinl =$800 Step2 Date Account Titles and Explangtion. Computer Accum. Deerec- Truck Debit $3,300 $15,000 Credlt Truck Gain on disposalof truck Cash (To record the exchange) $800 $500
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