Flint Corporation traded a used truck (cost $20,400, accumulated depreciation $18,360) for a small computer with a fair value of $3,366. Flint also paid $510 in the transaction. Required:
Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.

After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?