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Rogers Corporation had a machine with an original cost of $720,000.5 years later, they exchanged the old machine plus cash of $450,000 for Land. At
Rogers Corporation had a machine with an original cost of $720,000.5 years later, they exchanged the old machine plus cash of $450,000 for Land. At the time of the exchange, the old machine had accumulated depreciation of $576,000 and a fair market value of $240,000 Required: Prepare the journal entry to record the exchange. Assume the exchange has commercial substance
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