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Pearl Company traded a used truck for a new truck. The used truck cost $42,000...

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Question

Accounting

Pearl Company traded a used truck for a new truck. The used truck cost $42,000 and has accumulated depreciation of $37,800. The new truck is worth $51,800. Pearl also made a cash payment of $50,400. Prepare Pearls entry to record the exchange. (The exchange lacks commercial substance.)

Account Titles

Debit

Credit

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