Concord Company exchanges old delivery equipment for similar new delivery equipment. The book value of the old

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Concord Company exchanges old delivery equipment for similar new delivery equipment. The book value of the old delivery equipment is $\$ 31,000$ (cost $\$ 61,000$ less accumulated depreciation $\$ 30,000$ ), its fair market value is $\$ 19,000$, and cash of $\$ 3,000$ is paid. Prepare the entry to record the exchange.

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