Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $

Question

Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,300. Navajo also paid $500 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 0 for the amounts.)

Account Titles and Explanation                  Debit                     Credit

_______________________                ______________    ________________  

_______________________              _______________    ________________  

_______________________             ________________   ________________    

_______________________            _________________   _______________

_______________________           __________________ _______________

Explanation / Answer

Equipment/Computer 3300 Accumulated depreciation-Truck 18000       Truck 20000       Gain on disposal of truck 800       Cash 500

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