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In an exchange with commercial substance, Alpha Co. traded equipment with a cost of $7,700,000 and book value of $2,500,000 and gave $4,420,000 cash. The
In an exchange with commercial substance, Alpha Co. traded equipment with a cost of $7,700,000 and book value of $2,500,000 and gave $4,420,000 cash. The old machine had a fair value of $2,170,000. Which of the following journal entries would Alpha Co. make to record the exchange
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