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Our Company trades in old equipment that cost $121,500, has a book value of $74,500 and a fair value of $65,000. The new equipment has
| Our Company trades in old equipment that cost $121,500, has a book value of $74,500 and a fair value of $65,000. | |||||||||
| The new equipment has a list price of $141,000. | |||||||||
| We receive a trade in allowance for the old equipment of $75,000. | |||||||||
| This transaction has commercial substance. | |||||||||
| Prepare the journal entry to record this exchange. | |||||||||
| Answer: | |||||||||
| Debits | Credits | ||||||||
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Expert Fraud Investigation A Step By Step Guide
Authors: Tracy Coenen
1st Edition
0470387963, 978-0470387962
