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Prepare the journal entry to record the exchange for Navajo

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Reference no: EM133055768

Question - Navajo Corp traded a used truck (cost $20,000, accum depr $18,000) for a small computer worth $2,300. Navajo also paid $500 in the transaction. The old truck had a fair value of $1,800. Prepare the journal entry to record the exchange for Navajo.

Reference no: EM133055768

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