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Prepare the journal entry to record the disposal

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Reference no: EM131785249

Prepare the journal entry to record the disposal of the the truck on July 1, 2012:

The original truck was purchased for $78,750 with an estimated salvage value of $6,750 useful life of six years.

Problem: The truck and $67,500 cash were exchanged for a new deliver truck that had a cash price of $112,500 The exchange has no commercial substance.

Reference no: EM131785249

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