Brief Exercise 10-8 Buffalo Corporation traded a used truck (cost $22,800, accum

Question

Brief Exercise 10-8

Buffalo Corporation traded a used truck (cost $22,800, accumulated depreciation $20,520) for a small computer with a fair value of $3,762. Buffalo also paid $570 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

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Equipment. 3762 Accumulated Depreciation—Trucks 20520          Trucks 22800          Cash 570          Gain on Disposal of Trucks 912

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