Business, 28.11.2019 00:31 kelly1027

Cedric company recently traded in an older model of equipment for a new model. the old model’s book value was $334,000 (original cost of $694,000 less $360,000 in accumulated depreciation) and its fair value of the old equipment is $310,000. cedric paid $74,000 to complete the exchange which has commercial substance. required:
prepare the journal entry to record the exchange. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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Cedric company recently traded in an older model of equipment for a new model. the old model’s book...

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