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Gains on dissimilar exchanges are recognized when the transaction occurs

Gains on dissimilar exchanges are recognized when the transaction occurs

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Gains on dissimilar exchanges are recognized when the transaction occurs. After  receiving a $12,000 trade-in allowance on a truck with a $10,000 net book value and  paying $14,000 in cash for a forklift, the company debits forklifts for $26,000, debits 
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Unformatted text preview: accumulated depreciation-vehicles for $80,000, credits vehicles for $90,000, credits cash for $14,000, and credits gain on exchange of vehicles for $2,000....
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