Why there is no gain for the transaction

Reference no: EM13246492

Rapid City traded in a used pickup for a new pickup with a sticker price of $33,000. The old truck had a historical cost of $30,000, accumulated depreciation of $12,000, and a fair value of $20,000. The dealer took the old truck and $10,000 cash for the new truck. why there is no gain for the transaction.

Reference no: EM13246492

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