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(B) Peterson Company exchanged an old equipment on December 31,2020 with extra cash of 56,300 for a new equipment. The new equipment had a market

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(B) Peterson Company exchanged an old equipment on December 31,2020 with extra cash of 56,300 for a new equipment. The new equipment had a market value of 516,000, cost of 345,000 and accumulated depreciation of $22,000 Required: Prepare the journal entries required to record the exhange of the equipment of Peterson Company on December 31, 2020 Date Account DR CR

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