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In an exchange that had commercial substance, Kowalczyk Company traded production equipment for a newer model and gave $ 5 , 0 0 0 cash.
In an exchange that had commercial substance, Kowalczyk Company traded production equipment for a newer model and gave $ cash. The original machine had a cost $ a book value of $ and a fair value of $
Prepare the journal entry to record this transaction on Kowalczyk's books.
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