Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. marin ltd. traded a used truck (cost $29,300, accu

Marin Ltd. traded a used truck (cost $29,300, accumulated depreciation $26,370, fair value $1,810) for...

90.2K

Verified Solution

Question

Accounting

imageimage

Marin Ltd. traded a used truck (cost $29,300, accumulated depreciation $26,370, fair value $1,810) for a new truck. Marin did look up the value of its used truck and determined its fair value at the date of the trade is $1,810. The list price of the new truck is $35,050 and the trade-in allowance given on the trade was $4,740. If Marin paid $30,310, what should be the amount used as the cost of the new truck? The cost of the new truck $ Account Titles and Explanation Debit Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You are a creating a portfolio of investments for a retiring person. The portfolio consists of...

Statistics
Q

Calculate the amount of ATP in kg that is turned over by a resting human every...

Chemistry
Q

Discuss Allport’s concept of functional autonomy. Identify two instances in your life where functional autonomy was...

Psychology
Q

Solve the following system of linear equations using Gauss-Jacob iterative method. Perform only three iterations.5x...

Algebra
Q

Bloom Corporation purchased $1,900,000 of Taylor Company 5% bonds, at their face amount, with the...

Accounting
Q

Dancing Unicorns is considering the purchase of a machine for $76,000 that would generate an...

Accounting
Q

Bonita Enterprises Ltd., a private company following ASPE earned accounting income before taxes of $1,723,000...

Accounting
Q

Wildhorse Company has a factory machine with a book value of $161,000 and a remaining...

Accounting
Q

Liquidating Partnerships Prior to liquidating their partnership, Fowler and Brooks had capital accounts of $27,000...

Accounting
Q

n 2012 city employees earned $3.6 million in vacation pay that they did not use...

Accounting
Q

Yard Designs (YD) experienced the following events in Year 1, its first year of operation:...

Accounting
Q

A young graduate has been offered a time-share on a condo in Steamboat Springs, Colorado....

Finance