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Prepare the journal entry for the following exchange with NO commercial substance. You MUST show your computation of the gain recognized. Assume accumulated depreciation has

Prepare the journal entry for the following exchange with NO commercial substance. You MUST show your computation of the gain recognized. Assume accumulated depreciation has been updated. Old equipment cost = 35,000; Old equipment accumulated depreciation = 7,000; Old equipment fair value = 30,000; Cash received = 3,000; New equipment was received = =

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