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Slaton corporation traded a used truck for a new truck

Question - Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000. Slaton also made a cash payment of $33,000. Prepare Slaton's entry to record the exchange. (The exchange has commercial substance.)

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Accounting Basics: Slaton corporation traded a used truck for a new truck

Reference No:- TGS02589058

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Accounting Basics: Slaton corporation traded a used truck for a new truck

Reference No:- TGS02589058

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