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Make all entries that are necessary at april

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Question - A machine cost $232,600, has annual depreciation expense of $465 20, and has accumulated depreciation of $116,300 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $91,260, it is exchanged for a similar machine with a fair value of $293,600 and the proper amount of cash is paid. The exchange lacked commercial substance. Make all entries that are necessary at April 1, 2018.

Reference no: EM132568317

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