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.

Afirm’s production function is represented by q(m,r) = 4m 3/4r1/3, where q denotes output, m raw materials, and r robots. the firm is currently using 6 units of raw materials and 12 robots. according to the mrts, in order to maintain its output level the firm would need to give up 2 robots if it adds 9 units of raw materials. (a) true (b) false