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A machine cost $60,000 and has accumulated depreciation of $33,000 on December 31, 2014. At that time, the machine had a fair value of $24,000

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A machine cost $60,000 and has accumulated depreciation of $33,000 on December 31, 2014. At that time, the machine had a fair value of $24,000 and has been exchanged for a similar machine with a fair value of $72,000 and the proper amount of cash is paid. The exchange lacked commercial substance. Requirement Prepare the necessary journal entry to record the above exchange

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