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

B

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

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,]]$