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1. Our Company trades in old equipment that cost $81,000, has a book value of $53,000 and a fair value of $45,000. The new equipment

1. Our Company trades in old equipment that cost $81,000, has a book value of $53,000 and a fair value of $45,000. The new equipment has a list price of $94,000. We receive a trade in allowance for the old equipment of $50,000. This transaction has commercial substance.

prepare the journal entry to record this exchange

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