question archive a) Sentaro Corporation exchanged a used truck (cost $200,000, accumulated depreciation $180,000) for a new small car worth $33
a) Sentaro Corporation exchanged a used truck (cost $200,000, accumulated depreciation $180,000) for a new small car worth $33
Subject:AccountingPrice: Bought3
a) Sentaro Corporation exchanged a used truck (cost $200,000, accumulated depreciation $180,000) for a new small car worth $33.000. Sentaro also paid 55000 in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.) (4 Marks) b. Give 2 examples of major differences between US GAAP and IFRS in terms of accounting for inventories.
