Question
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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