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On Jan. 1. YR7, Scalla Co, trades equipment that cost $80,000 and has, as of December 31 , YR6, accumulated depreciation of $63,000, in exchange

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On Jan. 1. YR7, Scalla Co, trades equipment that cost $80,000 and has, as of December 31 , YR6, accumulated depreciation of $63,000, in exchange for Kennedy Co.5 plece of similar equipment with a fair value of $42,000. In addition, $calia receives $8,000 cash from Kennedy. The exchange lacks commercial substance. 1. Record all journal entries Kennedy makes on Jan. YR7

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