2) Interstate Inc. exchanged a truck plus cash for another truck. The used truck has...
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Accounting
2) Interstate Inc. exchanged a truck plus cash for another truck. The used truck has a book value of $42,000 (cost $64,000 ). The used truck has a fair market value of $49,000. Interstate paid $17,000 cash to complete this transaction. A) Prepare a journal entry for Interstate, assuming commercial substance. B) Prepare a journal entry for Interstate, assuming NO commercial substance
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