Harrod's Landscape Artists acquired a new truck for $42,000 less the trade-in allowance of $6,000 for his old truck. The old truck was purchased for $31,000 and had a book value of $5,000 on the exchange date. The entry to record the acquisition of the new truck will include a debit to the Truck account for:

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The Answer of Harrod's Landscape Artists acquired a new truck for $42,000 less the trade-in allowance of $6,000 for his old truck. The old truck was purchased for $31,000 and had a book value of $5,000 on the exchange date. The entry to record the acquisition of the new truck will include a debit to the Truck account for:

Harrod's Landscape Artists Acquired a New Truck for $42,000 Less