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Record asset exchange with all necessary calculations

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Question 1: Hailstorm Irelamd exchanged a three year old truck for a new truck that had a list price of $50,000 which was its fair value. the old truck originally cost $65,000 and has accumulated depreciation of $25,000 to the date of exchange. in addition to the $45,000 trade in given for the old truck. HI paid $8,000 cash to complete the deal. Record asset exchange with all necessary calculations.

Reference no: EM132651961

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