09:30 AM/Remaining: 25 min CALCULATOR FULL SC Question 30 Person Co. exchanged (traded) an old machine...

Transcribed Image Text:

09:30 AM/Remaining: 25 min CALCULATOR FULL SC Question 30 Person Co. exchanged (traded) an old machine for a new one. Besides giving up its old machine, Person Co. had to pay $24,000 in cash. The old machine $62,000 of accumulated depreciation at the time of the exchange. The exchange did have commercial (i.e., economic) substance. The fair market value of was $15,000. The journal entry to record the exchange would include: Accumulated Depreciation should be credited for $62,000 09:30 AM/Remaining: 25 min CALCULATOR FULL SC Question 30 Person Co. exchanged (traded) an old machine for a new one. Besides giving up its old machine, Person Co. had to pay $24,000 in cash. The old machine $62,000 of accumulated depreciation at the time of the exchange. The exchange did have commercial (i.e., economic) substance. The fair market value of was $15,000. The journal entry to record the exchange would include: Accumulated Depreciation should be credited for $62,000