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 amount of gain or loss that should be recognized on this transaction in the government-wide financial statements is

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 amount of gain or loss that should be recognized on this transaction in the government-wide financial statements is

Quizplus · Accepted Answer

The Answer of 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 amount of gain or loss that should be recognized on this transaction in the government-wide financial statements is

Mariano County Traded in a Used Pickup for a New