Navajo Corporation traded a used truck (cost $61,640, accumulated depreciation $

Question

Navajo Corporation traded a used truck (cost $61,640, accumulated depreciation $55,476) for a small computer worth $10,171. Navajo also paid $1,541 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 0 for the amounts.)

Account Titles and Explanation
Debit
Credit

Explanation / Answer

Computer A/c $        7,705 Accumulated Depreciation $      55,476 To Cash $        1,541 To Truck $      61,640

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