Kongus Inc. traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used…

Kongus Inc. traded a used truck (cost $23,000, accumulated depreciation $20,700) for another used truck with a fair value of $3,700. Kongus also paid $300 cash in the transaction. Prepare the journal entry to record the exchange, assuming the transaction lacks commercial substance.

 

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