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Prepare Splish entry to record the exchange

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Question - Splish Company traded a used truck for a new truck. The used truck cost $40,200 and has accumulated depreciation of $36,180. The new truck is worth $49,580. Splish also made a cash payment of $48,240. Prepare Splish's entry to record the exchange. (The exchange lacks commercial substance.)

Reference no: EM132750053

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