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A company bought new heating system for $66,000 and was given a trade-in of $3,600 on an old heating system, so the company paid $62,400

A company bought new heating system for $66,000 and was given a trade-in of $3,600 on an old heating system, so the company paid $62,400 cash with the trade-in. The old system had an original cost of $59,700 and accumulated depreciation of $53,800. If the transaction has commercial substance, the company should record the new heating system a

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