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On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old

On January 3, Carothers Corporation acquired $100,000 in new equipment in exchange for cash of $90,000 cash and a trade-in of old equipment. That old equipment originally cost $90,000 and had accumulated depreciation of $75,000; it had a book value of $15,000 at the time of exchange

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