$6$

A company owns equipment that had cost $$8,480$ and has accumulated depreciation of $$3,680.$ The company exchanges the equipment for a newer model that has a market value of $$10,400.$

Required:

Record the exchange assuming the company paid $$6,000$ cash and the exchange has commercial substance.

Record the exchange assuming the company paid $$4,400$ cash and the exchange has commercial substance.

Journal entry worksheet

A $$

Record the exchange assuming the company paid $$4,400$ cash and the exchange has commercial substance.

Note: Enter debits before credits.

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