Brief Exercise 10-9 Nash Corporation traded a used truck (cost $20,000, accumula

Question

Brief Exercise 10-9 Nash Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $4,224. Nash also paid $640 in the transaction. Prepare the journal entry to record the exchange, assuming 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 Title & Explanantion Debit Credit Small computer 2640 Accumulated Depreciation on Truck 18000 Truck 20000 Cash 640 To Record Exchange of Old Truck with Small Computer

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