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Joe, Inc. traded a large delivery truck for a smaller delivery truck and $5,000 cash....

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Accounting

Joe, Inc. traded a large delivery truck for a smaller delivery truck and $5,000 cash. The old truck cost $55,000 and had a net book value of $31,000. The large truck had a fair value of $25,000.

How will assets, accumulated depreciation, liabilities, net income, retained earnings and stockholders equity change because of Joe, Inc.s entry to record the exchange? And Entry to record exchange? Please explain! Thank you!

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