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The Heavy Equipment Company decided to replace a gasoline engine with a more efficient diesel engine in one of its cranes. The new engine
The Heavy Equipment Company decided to replace a gasoline engine with a more efficient diesel engine in one of its cranes. The new engine cost $12,000, which Heavy paid in cash. The old engine is discarded at no cost to Heavy Equipment. The old gasoline engine is carried on the books at a cost of $8,000 with accumulated depreciation of $6,000. Prepare the required journal entry for Heavy Equipment Company (10 points).
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