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6. A company exchanged an equipment with a cost and a book value of $950,000 and $480,000, respectively, for new equipment with a fair

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6. A company exchanged an equipment with a cost and a book value of $950,000 and $480,000, respectively, for new equipment with a fair value of $1,200,000. At the time of exchange, the equipment in use had a trade-in value of $550,000. The company paid $650,000 to consummate the sale. Prepare the journal entry to record the acquisition.

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