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9. Barry trades newer used equipment for an older version of the same equipment. The exchange lacks commercial substance. The newer equipment that Barry trades

9. Barry trades newer used equipment for an older version of the same equipment. The exchange lacks commercial substance. The newer equipment that Barry trades away has a book value of $90,000 (historical cost of $140,000 minus accumulated depreciation of $50,000) and a fair value of $100,000. In addition to receiving the older equipment, Barry receives $20,000 in the exchange. What is the journal entry needed to record this transaction

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