Brief Exercise 10-11 ?0. Marigold Company traded a used truck for a new truck. T

Question

Brief Exercise 10-11 ?0. Marigold Company traded a used truck for a new truck. The used truck cost s33,000 and has accurmulated depreciation ofS29 700 The new truck is worth S Marigold also made a cash payment of $39,600 Prepare Marigold's entry to record the exchange. (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

Account titles and explanation Debit Credit Truck $40,700 Accumulated depreciation $29,700 Loss on disposal of truck $2,200 Truck $33,000 Cash $39,600

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