grandmabee Posted August 1, 2015 Report Share Posted August 1, 2015 does anyone have a worksheet for vehicle exchange. I am having trouble with this. On a C corp. not balancingcost of old truck 21,277 less accul. deprec. 6764. = adjusted basis of 14,513new vehicle cost 27,3372,000 cash down pmt.dealer gave trade in value of 13,000 for old truck which had a loan on it of 19,103new loan was for 31,440I thought new basis would be the adj. basis of old truck plus boot paid cash 2,000but I guess I don't have the journal entry correct because I am not balance on the balance sheet.any help would be appreciated. Thanks Quote Link to comment Share on other sites More sharing options...
bbstacker Posted August 1, 2015 Report Share Posted August 1, 2015 The total boot paid is $14,337.00, consisting of cash $2,000 and loan of $12,337.00. 1 Quote Link to comment Share on other sites More sharing options...
grandmabee Posted August 2, 2015 Author Report Share Posted August 2, 2015 (edited) thanks, I knew I was missing a step in my journal entries. once I added the additional loan as boot it all balance. Edited August 2, 2015 by grandmabee Quote Link to comment Share on other sites More sharing options...
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