Question
A company purchased store equipment for $4,300 by trading in old equipment with a cost of $2,000 and that had accumulated depreciation of $1,900 as
A company purchased store equipment for $4,300 by trading in old equipment with a cost of $2,000 and that had accumulated depreciation of $1,900 as of the exchange date. The company received a $75 trade-in allowance for the old equipment with the balance of $4,225 paid in cash.?
Prepare the journal entry to record the exchange, assuming the transaction had commercial substance.?
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Financial Accounting For Executives And MBAs
Authors: Ferris & Wallace
2nd Edition
1934319627, 978-1934319628
