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Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $24,000 cash. The old machine cost $279,000 and had a

Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $24,000 cash. The old machine cost $279,000 and had a net book value of $213,000. The old machine had a fair value of $180,000. Prepare the journal entry to record the exchange.

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