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Question - In 2021, Clematis Inc., had the following transaction involving equipment.
The company traded-in old equipment at a dealership for a newer, more efficient model. The old equipment had been purchased for $40,000 ten years ago and has since been fully depreciated using the units-of-production method. The new equipment had a fair value of $55,000 but as the old equipment was recently appraised at a fair value of $2,000, Clematis only paid $53,000 cash to the dealership for the new equipment.
Required - Make journal entry to record the disposal and purchase of equipment?
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journal entries were made and posted to the general for the above transactions
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