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Prepare slaton entry to record the exchange

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Reference no: EM132984715

Problem 1: Slaton Ltd. traded a used truck for a new truck. The used truck cost P20,000 and has accumulated depreciation of P17,000. The new truck is worth P35,000. Slaton also made a cash payment of P33,000. Prepare Slaton's entry to record the exchange. (The exchange has commercial substance.)

Reference no: EM132984715

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