Job Sales Traded a Truck They Had Owned for Some $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

question 15

Essay

Job Sales traded a truck they had owned for some time plus $2,500 cash in exchange for another truck of similar type.The original truck had been purchased by Job for $36,000,and had accumulated depreciation of $30,000 at the time it was exchanged.Please provide the journal entry for this transaction.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Clearly Stated

Expressed in a manner that leaves no doubt about the meaning or intentions.

Good Faith

The principle of honesty and sincerity in dealings, especially in fulfilling contractual obligations.

Gratuitous Agent

An individual who acts on behalf of another without receiving any compensation for his/her actions.

Breach Of Contract

The failure to fulfill the terms of a contract without a valid legal excuse.