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a. S entaro Corporation exchanged a used truck (cost $200,000, accumulated depreciation $180,000 ) for...

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Accounting

a. S entaro Corporation exchanged a used truck (cost $200,000, accumulated depreciation $180,000 ) for a new small car worth $33,000.Sentaro also paid $5,000 in th transaction . Prepare the journal entry to record the exchange . (The exchange has commercial substance .)

b. Give 2 examples of major differences between US GAAP and IFRS in terms of accounting for inventories.

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