Gandalf Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May 15.2021, the date of exchange, follows: Cost of old Ford truck Accumulated depreciation of old Ford truck List price of the new Mack truck Trade in allowance given on the exchange Fair value of the old Ford truck $43,100 33,300 45,900 14,000 11,000 Prepare the journal entry to record the purchase of the Mack truck using the Ford truck as a trade in. Gandalf paid the appropriate amount of cash for the remaining balance on the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts)

Gandalf Engineering had a large Ford delivery truck it traded in for a new Mack truck. The relevant information concerning the two trucks, on May 15.2021, the date of exchange, follows: Cost of old Ford truck Accumulated depreciation of old Ford truck List price of the new Mack truck Trade in allowance given on the exchange Fair value of the old Ford truck $43,100 33,300 45,900 14,000 11,000 Prepare the journal entry to record the purchase of the Mack truck using the Ford truck as a trade in. Gandalf paid the appropriate amount of cash for the remaining balance on the exchange. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts)

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 29P

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