=+preceding fiscal year, $220,000; annual depreciation, $20,000. Assuming the exchange has commercial substance, journalize the entries to
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=+preceding fiscal year, $220,000; annual depreciation, $20,000. Assuming the exchange has commercial substance, journalize the entries to record
(a) the current depreciation of the old equipment to the date of trade-in and
(b) the exchange transaction on October 1.
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