Job Sales traded a truck they had owned for some time, in an even like-kind exchange for another truck. The original truck had been purchased by Job for $36,000, and had accumulated depreciation of $30,000 at the time it was exchanged. The truck Job received in exchange was valued at $8,000. Please provide the journal entry for this transaction.

Question

Job Sales traded a truck they had owned for some time, in an even like-kind exchange for another truck. The original truck had been purchased by Job for $36,000, and had accumulated depreciation of $30,000 at the time it was exchanged. The truck Job received in exchange was valued at $8,000. Please provide the journal entry for this transaction.
Job Sales traded a truck they had owned for some time, in an even like-kind exchange for another truck. The original truck had been purchased by Job for $36,000, and had accumulated depreciation of $30,000 at the time it was exchanged. The truck Job received in exchange was valued at $8,000. Please provide the journal entry for this transaction.

Quizplus · Accepted Answer

The Answer of Job Sales traded a truck they had owned for some time, in an even like-kind exchange for another truck. The original truck had been purchased by Job for $36,000, and had accumulated depreciation of $30,000 at the time it was exchanged. The truck Job received in exchange was valued at $8,000. Please provide the journal entry for this transaction.

Job Sales Traded a Truck They Had Owned for Some