Question
i have problem with journal entry: please help me Smith Brothers trades in a machine costing $52,400 with accumulated depreciation of $28,227.The machine is traded
i have problem with journal entry: please help me
Smith Brothers trades in a machine costing $52,400 with accumulated depreciation of $28,227.The machine is traded in for a new machine having a cost of $68,900.A $24,953 trade in allowance is received and the balance is paid in cash.The transaction is an exchange of similar assets (lacks commercial substance)
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Fundamentals Of Accounting
Authors: Claudia Gilbertson
10th Edition
1111581169, 978-1111581169
