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Instructions Goodman Company acquired a truck trom Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cont

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Instructions Goodman Company acquired a truck trom Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cont $30,000, has a book Value of $8,000, and has a market value of $8,500 The truck has a cost of $12,000 and a book value of $8,000 on Harmes' books Goodman agrees to pay $500 to complete the exchango, Required: Prepare journal entries for Goodman and Marmes to record the exchange

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