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record the transaction On June 4 th , P 3 traded balloon making equipment with a book value of $23,000 (cost $97,000) along with $70,000

record the transaction

On June 4th, P3 traded balloon making equipment with a book value of $23,000 (cost $97,000) along with $70,000 in cash for newer balloon making equipment with a fair value of $100,000. The new equipment will be depreciated over 5 years, using straight line.

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