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3 . Equipment was acquired by trading used equipment . The exchange has commercial substance . The book value of the original equipment is $8

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3 . Equipment was acquired by trading used equipment . The exchange has commercial substance . The book value of the original equipment is $8 000 with an original cost of $12000 . The fair value of equipment traded is $6 000 , and they paid cash of $7 000 Fair Value of equipment acquired $15 010 Record the journal entry of the acquisition of equipmen

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