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Journalize the company exchange of equipment

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Question - Black n white company purchased equipment for 45, 000. The company recorded total depreciation of $36,000 on thru equipment. On January 1, 2015, black n white traded in the equipment for new equipment, paying $65,00 cash. The fair market value of the new equipment is 65,00. Journalize the company s exchange of equipment. Assume the exchange had commercial substance.

Reference no: EM132037719

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