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Practice problem market value of $58,000. Colton exchanged the machine plus $12,000 for another machine (Y) om Newton Co. The newly acquired machine is carried

Practice problem
market value of $58,000. Colton exchanged the machine plus $12,000 for another machine (Y) om Newton Co. The newly acquired machine is carried in Newton's books at its cost of $90,000 with accumulate depreciation of $20,000. Required: A. Prepare thejournal entry to record the exchange in the books of Colton Corporation assuming that exchange has commercial substance. E. Prepare thejournal entry to record the exchange in the books of Newton Co. assuming that exchange lacks commercial substance

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