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Assets Assignment 4 Lansdowne Company exchanged an old equipment on Dec 31 (cost $40.000 less $25.000 accumulated Depreciation) plus $2.500 cash for a new equipment.

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Assignment 4 Lansdowne Company exchanged an old equipment on Dec 31 (cost $40.000 less $25.000 accumulated Depreciation) plus $2.500 cash for a new equipment. The old equipment had a market value of S13.000. Prepare the entry to record the exchange of assets by Lansdowne Company. Required: Prepare the journal entries required to record the sale of the equipment by Johnson Company on March 1. 2012

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