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Machinery, Inc. is going to trade-in their old equipment for a new one. The new equipment is similar in nature to the old equipment, and

Machinery, Inc. is going to trade-in their old equipment for a new one. The new equipment is similar in nature to the old equipment, and therefore this exchange lacks commercial substance. Cost of equipment 700,000 Accumulated depreciation 210,000 Cash received 68,600 Fair value of the equipment 617,400 Total fair value 686,000 What is the new equipment value at recorded by Machinery, Inc.?

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