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A truck costing $45,000 and having an estimated salvage value of $4,500

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June 7th, 2024

A truck costing $45,000 and having an estimated salvage value of $4,500 and an original life of five years is exchanged for a new truck. The cash price of the new truck is $57,000, and a trade-in allowance of $22,500 is received. The old truck has been depreciated for three years using the straight-line method. The new truck would be recorded at:$55,000.$57,000.$34,500.$43,200.None of these

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