June 22 journal entry;Traded the old company truck for a new truck issuing a check to Commercial Truck Sales and Repairs.The cost of the old truck is 10,000 and on March 31, the end of the previous quarter it had depreciated $7,530 (at $60 a month). The new truck has a list price of $14,000 and a trade-in allowance of $2,800 was given for the old truck.This trade has no commercial and no gain or loss will be recognized on this transaction.;1) First, record the depreciation to date on the old truck. Straight-line depreciation is $60 a month.;2) Second, record the trade-in.
Paper#26036 | Written in 18-Jul-2015Price : $32