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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 $150,000
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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