=+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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Accounting

ISBN: 978-1111001346

23rd Edition

Authors: Carl S. Warren

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