During the year, Olsen Company traded an automobile plus $8,400 in cash to Barry Company for another automobile. The car Olsen used as a trade-in originally had cost $16,000, of which $14,500 has been depreciated.
Olsen also purchased new office furniture during the year. The list price of the furniture was $9,600. Olsen paid $3,350 cash plus gave the furniture company a used truck. This truck had a new book value of $6,250; it had originally cost $19,860, and had recently been appraised at $5,500.
Record the transactions.
This question was answered on: Sep 16, 2020
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