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A company traded in all used office equipment with a fair value of $20,000, and a book value of $15,000 in exchange for new office

A company traded in all used office equipment with a fair value of $20,000, and a book value of $15,000 in exchange for new office equipment with a fair value of $7,000, plus cash of $3,000.

What would the journal entry be (note: the equipment lack commercial substance)?

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