Swifty Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Swifty also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Swifty Corporation traded a used truck (cost $21,200, accumulated depreciation $19,080) for a small computer with a fair value of $3,498. Swifty also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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how Swifty Corporation traded a used truck (cost $21,200,
Transcribed Image Text:Swifty Corporation traded a used truck (cost
$21,200, accumulated depreciation $19,080)
for a small computer with a fair value of
$3,498. Swifty also paid $530 in the
transaction.
Prepare the journal entry to record the
exchange, assuming the exchange lacks
commercial substance. (Credit account titles are
automatically indented when amount is entered.
Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter
O for the amounts. List all debit entries before
credit entries.)
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