A Truck That Cost $44,000 and Had Accumulated Depreciation of $38,000

question 42

Essay

A truck that cost $44,000 and had accumulated depreciation of $38,000 was traded in for a new truck with a fair market value of $58,000. The old truck and $50,000 cash were given for the new truck. What is the journal entry to record this exchange of assets?

---

Definitions:

Wary

Being cautious and alert to potential dangers or problems; having a sense of carefulness.

Toys

Objects designed for play, typically used by children to stimulate imagination and develop physical or cognitive skills.

Social And Emotional Maladjustment

Difficulties in managing personal feelings and social relationships, often leading to behavior that does not conform to societal norms or expectations.

Disorganized-Disoriented

A classification in attachment theory describing a lack of a coherent strategy for dealing with separations and reunions with a caregiver.