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Mehta Company traded a used welding machine ( cost 9,000, accumulated depreciation 3,000) for office equipment with an estimated fair value of 5,000. Mehta also

Mehta Company traded a used welding machine ( cost 9,000, accumulated depreciation 3,000) for office equipment with an estimated fair value of 5,000. Mehta also paid 3,000 cash in the transaction.

Prepare the journal entry to record the exchange. (The exchange has commerical substance).

Account Titles and Explanation Debit Credit

_______________________ ______________ ________________

_______________________ _______________ ________________

_______________________ ________________ ________________

_______________________ _________________ _______________

_______________________ __________________ _______________

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