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Question - Entries for Trade of Fixed Asset
On October 1, Bentley Delivery Services acquired a new truck with a list price (fair market value) of $112,000. Bentley Delivery received a trade-in allowance (fair market value) of $16,500 on an old truck of similar type & paid cash of $95,500. The following information about the old truck is obtained from the account in the equipment ledger: cost, $72,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $48,000; annual depreciation, $12,000. Assuming that the exchange has commercial substance.
Required -
a. Journalize the entry to record the current depreciation of the old truck to the date of trade-in.
b. Journalize the entry to record the transaction on October 1. If an amount box does not require an entry, leave it blank.
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