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This machinery was acquired by trading in used machinery. ( The exchange lacks commercial substance.) Facts concerning the trade-in as follows. Cost of machinery traded

This machinery was acquired by trading in used machinery. (The exchange lacks commercial substance.)

Facts concerning the trade-in as follows.

Cost of machinery traded $150,000

Accumulated depreciation to date of sale 60,000

Fair value of machinery traded 96,000

Cash Received 20,000

Fair value of machinery acquired 76,000

Record the acquisition (journal entry)

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