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

Question

Brief Exercise 10-9

Buffalo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,498. Buffalo also paid $530 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

Account Titles and Explanation

Debit

Credit

Explanation / Answer

Account Titles and Explanation Debit Credit Equipment $2,530 Accumulated Depreciation—Trucks $18,000 Trucks $20,000 Cash $530

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