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On 1/1 a business exchanged equipment for TRUCKS from a company that was relocating. The...

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Accounting

On 1/1 a business exchanged equipment for TRUCKS from a company that was relocating. The exchange had commercial substance. Equipment (Cost) Accumulated depreciation Fair Value Cash paid to complete the exchange When recording the journal entry they should: Select All correct answers, Incorrect answers are penalized. Debit Trucks for $100,000 Debit Cash for $40,000. Debit gain On exchange for $20,000. Credit loss on exchange $20,000. Debit Loss On exchange for $20,000. Credit Accumulated Depreciation for $420,000. Credit gain on exchange for $20,000. Credit Cash For $40,000. Debit Equipment for $500,000 Debit Accumulated Depreciation for $420,000. Credit Equipment for $500,000. DATA $500,000 $420,000) $60,000 $40,000)

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