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Problem 3 ( points) Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $40,000 cash. The old machine cost

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Problem 3 ( points) Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $40,000 cash. The old machine cost $465,000 and had accumulated depreciation of $100,000. The new pressing machine had a fair value of $375,000. Which of the following is the correct journal entry to record the exchange assuming commercial substance

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