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Novak corporation traded a used truck for a small computer

Question - Novak Corporation traded a used truck (cost $20,800, accumulated depreciation $18,720) for a small computer with a fair value of $3,432. Novak also paid $520 in the transaction.

Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

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Accounting Basics: Novak corporation traded a used truck for a small computer

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Accounting Basics: Novak corporation traded a used truck for a small computer

Reference No:- TGS02667395

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