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Prepare cheng entry to record the exchange

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Reference no: EM13512118

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: EM13512118

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