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A machine cost $240,000, and has accumulated depreciation of $132,000 on On January 1, 2015, when the machine has a fair value of $96,000, it

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A machine cost $240,000, and has accumulated depreciation of $132,000 on On January 1, 2015, when the machine has a fair value of $96,000, it is exchanged for a similar machine with a fair value of $288,000 and cash of $192,000 is paid. The exchange December 31, 2014. commercial substance. Instructions Prepare the journal entry to show the exchange ecundto

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