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Cheng Company traded a used truck for a new truck. The used truck cost $81,570...

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Accounting

Cheng Company traded a used truck for a new truck. The used truck cost $81,570 and has accumulated depreciation of $73,413. The new truck is worth $100,603. Cheng also made a cash payment of $97,884.

Prepare Chengs entry to record the exchange. (The exchange lacks commercial substance.)

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