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Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000.Queen received a

Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000.Queen received a machine with a fair value of $90,000 plus cash of $10,000.Explain a journal entry entry for Queen, assuming no commercial substance.

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