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(Solved) Brief Exercise 10-8 Buffalo Corporation traded a used truck (cost $24,000, accumulated depreciation $21,600) for a small computer with a fair value...



Intermediated Accounting II Week 5 Brief Exer. 10-8 Wiley Plus

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Brief Exercise 10-8
Buffalo Corporation traded a used truck (cost $24,000, accumulated depreciation $21,600) for a small
computer with a fair value of $3,960. Buffalo also paid $600 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

 


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