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Prepare a journal entry, assuming commercial substance

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Question - Denver Company exchanged a truck plus cash for another truck. The used truck has a book value of $42,000 (cost $64,000 less $22,000 accumulated depreciation). The used truck has a fair market value of $30,000. Denver paid $17,000 cash to complete this transaction. Prepare a journal entry, assuming commercial substance.

Reference no: EM133043560

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