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Thomas company trades in a printing press for a newer model. The cost of the old printing press was 61,500 and accumulated depreciation up to
Thomas company trades in a printing press for a newer model. The cost of the old printing press was 61,500 and accumulated depreciation up to date of the trade - in amount to 38,000. the company also pays 41,200 cash for the newer printing press. The journal entry to acquie the new printing press will require a debit to equipment for
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