Solved: Metlock corporation traded a used truck cost 28400, Accounting Basics

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Metlock corporation traded a used truck cost 28400

Question - Metlock Corporation traded a used truck (cost $28,400, accumulated depreciation $25,560) for a small computer with a fair value of $4,686. Metlock also paid $710 in the transaction.

Calculate the journal entry to record the exchange? (The exchange has commercial substance.)

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Accounting Basics: Metlock corporation traded a used truck cost 28400

Reference No:- TGS02943029

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Accounting Basics: Metlock corporation traded a used truck cost 28400

Reference No:- TGS02943029

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