Trading in a vehicle

I just traded in one transport truck for another, with one year left on loan..there was a buy out paid and then a lease for the new one
what is the best way to record this using qb 2009?
tia
Reply to
ME

How were you accounting for the first truck? What are the terms of the lease for the new truck. The question is a tax question and will be the same for any accounting system be it manual or computerized.
Reply to
Haskel LaPort
the first truck is in as a LT Liabilty. If anyone has guidence i would apprieciate it. I just want to know how to tie up the first and incorporate the next. How to enter into qb.
Reply to
ME
How about the new lease? Is it a operating lease or a capital lease? Was the buy out equal to the liability left on the books?
Reply to
Haskel LaPort

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