Nimble Deliveries Inc. exchanged a large delivery truck (fair value of $150,000; original cost of $425,000; accumulated
Posted: Wed Apr 27, 2022 11:20 am
Nimble Deliveries Inc. exchanged a large delivery truck (fair
value of $150,000; original cost of $425,000; accumulated
depreciation of $260,000) for a different truck that belonged to
Long-Distance Movers. The truck from Long-Distance Movers has
a fair value of $180,000, original cost of $500,000, and
accumulated deprecation of $305,000. All amounts have been
updated to the date of the exchange.
Required:
Prepare the journal entry for Nimble Deliveries Inc. for this
exchange, assuming:
Note: You do not need to provide the entries for
Long-Distance Movers.
value of $150,000; original cost of $425,000; accumulated
depreciation of $260,000) for a different truck that belonged to
Long-Distance Movers. The truck from Long-Distance Movers has
a fair value of $180,000, original cost of $500,000, and
accumulated deprecation of $305,000. All amounts have been
updated to the date of the exchange.
Required:
Prepare the journal entry for Nimble Deliveries Inc. for this
exchange, assuming:
Note: You do not need to provide the entries for
Long-Distance Movers.