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Blye Farms trades in a tractor for a new tractor. The old tractor has a cost of $60,000 with accumulated deprecation of 32,000. The new

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Blye Farms trades in a tractor for a new tractor. The old tractor has a cost of $60,000 with accumulated deprecation of 32,000. The new tractor has a cost of $90,000. Blye is a given a trade- in allowance of 35,000 with 55,000 cash payment. Calculate the gain or loss on the transaction and journalized the entry for the transaction

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