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What are the journal entries for the Jade Company

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Reference no: EM132856745

Question - The Jade Company acquired a truck in exchange for a machine. The machine cost $20,000 and has a book value of $10,000 and a fair value of $11,000. The truck has a cost of $15,000 and a book value of $12,000 and a fair value of $13,000. Jade gave consideration of $2,000 in the exchange. What are the journal entries for the Jade Company to record the exchange?

Reference no: EM132856745

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