Question 23 options: During the current year, a company exchanged an old truck c

Q: Question 23 options: During the current year, a company exchanged an old truck c

Old Truck will be credited with original cost $ 58,000 Amount will be debited or credited to the Truck account related to the old truck : $ 58000

ID: 2579861 • Letter: Q

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Question 23 options:
During the current year, a company exchanged an old truck costing $58,000 with accumulated depreciation of $52,000 for a new truck. The new truck had a cash price of $80,000 and the company received a trade-in allowance on the old truck with the balance of $64,000 paid in cash.

Assuming this transaction lacks commercial substance, in the journal entry to record the exchange, what will happen to the Truck account related to the old truck- debit or credit?

What amount will be debited or credited to the Truck account related to the old truck? (Be sure to only type in the amount. Do not include $, commas, or decimal points.)

Explanation / Answer

Old Truck will be credited with original cost $ 58,000

Amount will be debited or credited to the Truck account related to the old truck : $ 58000

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Question 23 options: During the current year, a company exchanged an old truck c

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