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Which part of the journal entry to record exchange

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Question 1: Assume an older truck with a cost of $18,000 has accumulated depreciation of $10,000. The older truck and $21,000 cash are traded for new equipment valued at $30,000. Which of the following would be part of the journal entry to record this exchange?

a. debit Gain on Disposal for $1,000

b. credit Accumulated Depreciation, Truck for $10,000

c. credit Gain on Disposal for $2,000

d. debit Equipment for $30,000

Reference no: EM132494478

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