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7A. Brown's Salvage Company, purchased equipment for $ 24000. Brown recorded total depreciation of $ 15000 on the equipment. Assume that Brown exchanged the old
7A. Brown's Salvage Company, purchased equipment for $ 24000. Brown recorded total depreciation of $ 15000 on the equipment. Assume that Brown exchanged the old equipment for new equipment, paying $ 5200 cash. The fair market value of the new equipment is $ 13200. Journalize Brown's exchange of equipment. Assume this exchange has commercial substance.
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