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Beerbo Inc. traded a used truck for a new truck. Before this exchange of non-monetary assets (ENMA), Beerbo's balance sheet show the used truck at a cost of $30,000 with an accumulated depreciation balance of $27,000. The fair value of the new truck is $37,000. Beerbo also paid $36,000 in the transaction. Assume the ENMA lacks commercial substance. How much must Beerbo record as the cost of the truck received

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Answer:

Dr Trucks (new) $ 37,000

Dr Accumulated Depreciation—Truck 27,000

Dr Loss on Disposal of Trucks 2,000

Cr. Trucks (used) 30,000

Cr Cash 36,000

Explanation:

Dr Trucks (new) $ 37,000

Dr Accumulated Depreciation—Truck 27,000

Dr Loss on Disposal of Trucks 2,000

Cr. Trucks (used) 30,000

Cr Cash 36,000

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