On January 22, 2021, Alto Corporation exchanged an older car with a fair value of $22,000 for a…
On January 22, 2021, Alto Corporation exchanged an older car with a fair value of $22,000 for a truck with a manufacturer's suggested retail value of $60,000. The original cost of the older car was $75,000 and has accumulated depreciation of $58,000 to the date of exchange. A trade-in allowance of $20,000 was given for trie car, and the remainder was paid in cash. REQUIRED: Prepare the journal entry to record the exchange on January 22, 2021. Paragraph V B I U- A = UA V V od + . GENERAL JOURNAL ACCOUNT TITLES DEBIT CREDIT DATE h May 16 2022 05:52 PM
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