Fiscal Accounting July 01 to June 30th
Business use 100%
Traded 2018 Cadillac XT5 for 2020 Cadillac XT6
Purchase Price 2018 XT5 10/04/2018 $ 55,437.26
Total accumulated Deprecation $ 55,437.26
Trade in Value $ 27,500.00
loan Balance $ 31,300.80
Total NET Trade in <$ 3,550.80> credit
Here is where it gets tricky
Dealer gave Manufacturer's Rebate on 2020 XT6 $ 2,000.00
Paid Cash of $1,550.80
Brought 2018 XT5 loan Balance to $ 0.00 $ 3,550.80
Purchase 2020 Cadillac XT6 08/13/2020 $66,848.41
New Loan on 2020 XT6 $ 66,848.41
What are the Journal entries
What is the Gain/Loss on this transaction
