Question
Crane Company traded a used welding machine (cost $9,360, accumulated depreciation $3,120) for office equipment with an estimated fair value of $5,200. Crane also paid
Crane Company traded a used welding machine (cost $9,360, accumulated depreciation $3,120) for office equipment with an estimated fair value of $5,200. Crane also paid $3,120 cash in the transaction.
Prepare the journal entry to record the exchange. (The exchange has commercial substance.)
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College Accounting Ch 1-12
Authors: Dansby
5th Edition
0763834955, 978-0763834951
