Brief Exercise 10-8 Grouper Corporation traded a used truck (cost $29,600, accum

Question

Brief Exercise 10-8 Grouper Corporation traded a used truck (cost $29,600, accumulated depreciation $26,640) for a small computer with a fair value of $4,884. Grouper also paid $740 in the transaction. Prepare the journal entry to record the exchange. (The exchange has 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.) nd erfor theantiunl : amount Account Titles and Explanation Debit Credit

Explanation / Answer

Account titles and explanation Debit Credit Equipment $4,884 Accumulated depreciation-Trucks $26,640 Trucks $29,600 Gain on disposal of trucks $1,184 Cash $740

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