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Prepare martinezs entry to record the exchange

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Reference no: EM132380528

Question

Martinez Company traded a used truck for a new truck. The used truck cost $35,700 and has accumulated depreciation of $32,130. The new truck is worth $44,030. Martinez also made a cash payment of $42,840.

Prepare Martinez's entry to record the exchange. (The exchange lacks commercial substance.)

Reference no: EM132380528

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