Brief Exercise 10-09 Sandhill Corporation traded a used truck (cost $22,000, accumulated depreciation $19,800) for...
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Accounting
Brief Exercise 10-09
Sandhill Corporation traded a used truck (cost $22,000, accumulated depreciation $19,800) for a small computer with a fair value of $3,630. Sandhill also paid $550 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.
| Account Titles and Explanation | Debit | Credit |
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