Job Sales sold a truck in exchange for $1,000 cash plus a forklift. The truck was originally purchased for $36,000, and had accumulated depreciation of $30,000 at the time it was sold. The forklift was valued at $4,000. Please provide the journal entry for this transaction.
Definitions:
Principal-Agent Problem
A dilemma in economics where one party (the agent) is able to make decisions on behalf of, or that impact, another party (the principal), potentially leading to conflicts of interest.
Derived Demand
Refers to the demand for a good or service that arises from the demand for another good or service.
Capital Resources
Assets used in the production of goods and services, such as buildings, machinery, equipment, and tools.
Profit Maximization
The process or strategy aimed at achieving the highest possible profits within a business operation.
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