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3) Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 ) and a fair value of $100,000. Queen received a machine
3) Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 ) and a fair value of $100,000. Queen received a machine with a fair value of $80,000 plus cash of $20,000. A) Prepare a journal entry for Queen, assuming commercial substance. B) Prepare a journal entry for Queen, assuming NO commercial substance
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