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Monet Company traded a used welding machine (cost $9,000, accumulated depreciation $3 Exercise 8 equipment with an estimated fair value of $5,000. Monet also paid

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Monet Company traded a used welding machine (cost $9,000, accumulated depreciation $3 Exercise 8 equipment with an estimated fair value of $5,000. Monet also paid $3,000 cash in the transaction. Prepare the journal entry to record the exchange. The exchange lacks commercial substance

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