On july 1 gyminny delivery services a acquired a new truck

Reference no: EM13593745

On July 1, Gyminny Delivery Services a acquired a new truck with a list price (fair market value) of $191,000. Gyminny received a trade in allowance of $ 32,500 an old truck of similar type and paid cash of $158,500. The following information about the truck is obtained from the account in the equipment ledger: cost, $120,000;annual depreciatio, $20,000. Assume the exchange has commercial substance.Jornalize the entries to record the trasaction on July 1. If an amount box does not require an enry, leave it blank or enter "0".

Reference no: EM13593745

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