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Example - Nonmonetary exchange Delco Corporation traded in a machine for a newer model. The old machine had a book value of $50.000 (original cost

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Example - Nonmonetary exchange Delco Corporation traded in a machine for a newer model. The old machine had a book value of $50.000 (original cost $80,000) and its fair value was $90,000. Delco received $10,000 to complete the exchange. Required: Prepare the journal entry for this transaction. GL Account Debit Credit

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