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The heavy equipment company decided to replace a gasoline engine with a more efficent diesel engine in one of its cranes. The new engine cost

The heavy equipment company decided to replace a gasoline engine with a more efficent diesel engine in one of its cranes. The new engine cost $10,000 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 $6,000 with accumulated depreciation of $5,000. Prepare the required journal entry for Heavy Equipment Company.

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