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Explain a journal entry entry for Queen

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Question - Queen Corp. traded an old machine with book value of $60,000 (cost $110,000 less accumulated depreciation $50,000) and a fair value of $100,000. Queen received a machine with a fair value of $90,000 plus cash of $10,000. Explain a journal entry entry for Queen, assuming no commercial substance.

Reference no: EM132601496

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