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This is a monetary exchange with a gain or loss Equipment that cost $48,000 and has accumulated amortization of $38,400 is exchanged for similar equipment

This is a monetary exchange with a gain or loss

Equipment that cost $48,000 and has accumulated amortization of $38,400 is exchanged for similar equipment with a fair value of $14,000 and $4,000 cash is received.

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pepare all necessary journal entries

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