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Please show work for solution. ABC Corp. had a sheet metal cutter that cost $96,000 on January 1, 2014. On March 31, 2019, the old
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ABC Corp. had a sheet metal cutter that cost $96,000 on January 1, 2014. On March 31, 2019, the old cutter is exchanged for a new cutter with a market value of $48,000. ABC Corp. also received $12,000 cash. Accumulated depreciation has a balance of $42,000 before the exchange. Record the transaction in journal entries (a) assuming the exchange has commercial substance and (b) assuming the exchange lacks commercial substanceStep by Step Solution
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