Your answer is partially correct. Try again. Nash Corporation traded a used truc

Question

Your answer is partially correct. Try again. Nash Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,894. Nash also paid $590 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 Equipment 3894 Accumulated Depreciation-Equipment 18000 Accumulated Depreciation-Trucks 20000 Cash 590

Explanation / Answer

Account titles and explanation Debit Credit Equipment $1,410 Accumulated Depreciation—Trucks $18,000 Trucks $20,000 Cash $590

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