Amble, Inc. exchanged a truck with a carrying amount of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The fair value of the truck received was $15,000. At what amount should Amble record the truck received in the exchange assuming the exchange?

$15,000

Explanation:

The following journal entry shall be recorded in the accounts of Amble, Inc. in  respect of exchange of truck.

                                                        Debit                   Credit

Fair value of truck purchased      $15,000

Cash received on exchange        $5,000

Carrying value of truck disposed                             $12,000                      

Gain on the truck disposed                                       $8,000

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