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Prepare slatons entry to record the exchange

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1. Slaton Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000. Slaton also made cash payment of $33,000. Prepare Slaton's entry to record the exchange. (The exchange has commercial substance.)

Reference no: EM131118009

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