accouting quiz

timer Asked: Mar 21st, 2016

Question description

A truck that cost​ $28,000 has been owned for 3 years and is traded for another truck for the same purpose. Total accumulated depreciation at the time of trade is​ $17,600. The



value of the old truck is​ $10,000 and the new truck has a fair market value of​ $32,000, the new truck would be recorded​ at:

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