Mariano County traded in a used pickup for a new pickup truck with a sticker price of $44,000. The old pickup had a fair value of $26,000, historical cost of $45,000, and accumulated depreciation of $18,000. The dealer took the old truck and $15,000 for the new truck.
- The new truck should be reported on the government-wide financial statements at

Question

Mariano County traded in a used pickup for a new pickup truck with a sticker price of $44,000.  The old pickup had a fair value of $26,000, historical cost of $45,000, and accumulated depreciation of $18,000.  The dealer took the old truck and $15,000 for the new truck.  
- The new truck should be reported on the government-wide financial statements at

Quizplus · Accepted Answer

The new truck should be reported at the fair value of the old truck plus the additional cash paid. The fair value of the old truck is $26,000, and the additional cash paid is $15,000, totaling $41,000.

Mariano County Traded in a Used Pickup for a New