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Prepare the journal entry to record the exchange

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Reference no: EM132594151

Question - In 2015, Malawi Inc. exchanged equipment for two delivery trucks. The equipment had been purchased for $95,000 ten years ago and has since been fully depreciated. While the equipment was recently appraised at $22,000, a reliable valuation for the trucks was not available. This transaction has commercial substance.

Instructions - Prepare the journal entry to record the exchange.

Reference no: EM132594151

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Prepare all necessary journal entries : Equipment that cost $48,000 and has accumulated amortization of $38,400 is exchanged for similar equipment, Prepare all necessary journal entries

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