Rory City traded in a used pickup for a new pickup with a sticker price of $44,000. The old truck had a historical cost of $40,000, accumulated depreciation of $16,000, and a fair value of $27,000. The dealer took the old truck and $10,000 cash for the new truck.
-At what value should the new truck be reported in the government-wide financial statements?

Question

Rory City traded in a used pickup for a new pickup with a sticker price of $44,000.  The old truck had a historical cost of $40,000, accumulated depreciation of $16,000, and a fair value of $27,000.  The dealer took the old truck and $10,000 cash for the new truck.  
-At what value should the new truck be reported in the government-wide financial statements?

Quizplus · Accepted Answer

The Answer of Rory City traded in a used pickup for a new pickup with a sticker price of $44,000.  The old truck had a historical cost of $40,000, accumulated depreciation of $16,000, and a fair value of $27,000.  The dealer took the old truck and $10,000 cash for the new truck.  
-At what value should the new truck be reported in the government-wide financial statements?

Rory City Traded in a Used Pickup for a New