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Compute the gain on disposal of the old van to be reported

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D. owned a delivery van with a book value of $2,000. It traded this old van in on a new one which cost $16,000. The dealer allowed D. a trade-in allowance of $3,500 on the old van, and D. paid the remainder in cash.

Problem 1: Compute the following:

a. The amount of cash D. must pay to purchase the new van:

b. The gain on disposal of the old van to be reported in D.'s financial statements:

c. Cost assigned new van to be reported in D.'s financial statements

Reference no: EM132971344

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