A company owns equipment that had cost $$50,000$ and has accumulated depreciation of $$22,200.$ The company exchanges the equipment for a newer model that has a market value of $$60,000.$

Required:

Record the exchange assuming the company paid $$33,800$ cash and the exchange has commercial substance.

Record the exchange assuming the company paid $$25,800$ cash and the exchange has commercial substance.

Journal entry worksheet

A $$

Record the exchange assuming the company paid $$25,800$ cash and the exchange has commercial substance.

Note: Enter debits before credits.

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