What amount of gain-loss should be reported in general fund

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Problem

Rhododendron City traded in a used pickup for a new pickup with a sticker price of $44,000. The old truck had a historical cost of $40,000, accumulated depreciation of $16,000, and a fair value of $27,000. The dealer took the old truck and $10,000 cash for the new truck. Get the instant assignment help. What amount of gain/loss should be reported in the general fund financial statements?

Reference no: EM133931748

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