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The Bacon Company acquired new machinery with a price of $13,562.00 by trading in similar old machinery and paying $12,205.80. The old machinery originally cost

The Bacon Company acquired new machinery with a price of $13,562.00 by trading in similar old machinery and paying $12,205.80. The old machinery originally cost $8,970.00 and had accumulated depreciation of $7,176.00. In recording this transaction, what should Bacon Company record

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