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Prepare chengs entry to record the exchange

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1. Cheng Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $37,000. Cheng also made cash payment of $36,000. Prepare Cheng's entry to record the exchange. (The exchange lacks commercial substance.) 

Reference no: EM131118006

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