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Journalize global millwrights exchange of machines

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Question - In 2018, Global Millwrights purchased a milling machine for $4,000, debiting Milling Equipment. During 2018 and 2019, Global recorded total amortization of $2,000 on the machine. In January 2020, Global traded in the machine for a new one with a fair market value of $4,200, paying $2,700 cash. This exchange transaction has commercial substance. Journalize Global Millwrights' exchange of machines on January 15.

Reference no: EM133165108

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