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Rapid 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 $13,000 cash for the new truck.
-What is the amount of gain/loss that should be reported in the General Fund financial statements?

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Use the following information to answer questions 
Rapid 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 $13,000 cash for the new truck.
-What is the amount of gain/loss that should be reported in the General Fund financial statements?

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The Answer of Use the following information to answer questions 
Rapid 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 $13,000 cash for the new truck.
-What is the amount of gain/loss that should be reported in the General Fund financial statements?

Use the Following Information to Answer Questions