Asset exchange
Arabia Inc. traded its fleet of rental cars for a new fleet. Two-thirds of the old fleet's original cost of $ 375,000 had been depreciated. The new fleet is valued at $ 500,000 and Arabia was required to make a cash payment of $ 400,000.
Instructions
Prepare the required entr(ies) to record the exchange.

Question

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The Answer of Asset exchange
Arabia Inc. traded its fleet of rental cars for a new fleet. Two-thirds of the old fleet's original cost of $ 375,000 had been depreciated. The new fleet is valued at $ 500,000 and Arabia was required to make a cash payment of $ 400,000.
Instructions
Prepare the required entr(ies) to record the exchange.

Asset Exchange Arabia Inc. Traded Its Fleet of Rental Cars for a for a New