Would you please help me with the journal entries for this? The accounts are Tru

Question

Would you please help me with the journal entries for this?

The accounts are Trucks (new), Used, Cash, accumulated depreciation, and loss on disposal.

Bridgeport Corporation traded a used truck for a new truck. The used truck cost $23,600 and has accumulated depreciation of $24,310·The new truck is worth $50,050, Bridgeport also made a cash payment of $47.190. Prepare Bridoeport's entry to record the exchange. (The exchange has commercial substance.) (Credit account tities are automatically indented when amount is entered. Do not indent manualy. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Fxplanation Dehit Credit

Explanation / Answer

Solution:

Truck (new) .....................................$50,050

Accumulated depreciation ...............$24,310

Loss on disposal of truck ................ $1430

Cash ..........................................................$47,190

Truck (used) ..............................................$28,600

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