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Determine the cost of the new truck for financial reporting

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Reference no: EM13530887

On the first day of the fiscal year, a delivery truck with a list price of $90,000 was acquired in exchange for an old delivery truck and $74,500 cash. The old truck had a cost of $60,000 and accumulated depreciation of $42,000.

a. Determine the cost of the new truck for financial reporting purposes.

b. Journalize the entry to record the exchange.

Reference no: EM13530887

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