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Bryn Enterprises exchanged old trucks (cost $70,000 less $27,000 accumulated depreciation) plus cash of $20,000...

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Accounting

Bryn Enterprises exchanged old trucks (cost $70,000 less $27,000 accumulated depreciation) plus cash of $20,000 for a new semi-truck. The old trucks had a fair market value of $23,000. Prepare the entry to record the exchange of assets by Bryn Enterprises.

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