Brief Exercise 10-8 Kingbird Corporation traded a used truck (cost $28,800, accu

Question

Brief Exercise 10-8

Kingbird Corporation traded a used truck (cost $28,800, accumulated depreciation $25,920) for a small computer with a fair value of $4,752. Kingbird also paid $720 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

Computer equipment(db) 4752
acc depreciaitio trucks(db) 25920
cash(cr) 720
Truck(cr) 28800
Gain on sale of asset(cr) 1152

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