USA Journal Entry for Vehicle Trade -in

Apr 4, 2017
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United States
Need help with a trade in.
Cost basis Of old vehicle (trade) is 59,221.87
According to the disposable schedule Accumulated Depreciation is 3144.63 and the current Note payable on BS is 36,267.00

New Purchase-
The Note for the new payable is 43,875.40. We made a Cash down payment of 14,000 and had a Net trade of 5140 (Gross Trade in allowance 41500-less payoff of 36,360) Total Vehicle Asset 62,925.40.

1) help with entry clearing off old vehicle asset and adding new one
2) on the disposal schedule a loss is listed as 14,577.24 - do you have to book this for like-exchanges?


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