Make the journal entries to record the transactions

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Question - On September 30, 2020, the company exchanged old delivery equipment and $12,000.00 for similar new delivery equipment. The old delivery equipment was purchased on January 1, 2018, for $42,000.00 and was estimated to have a $6,000.00 salvage value at the end of its 5-year life. Depreciation on the delivery equipment has been recorded through December 31, 2019. It is estimated that the fair market value of the old delivery equipment is $18,000.00 on September 30, 2020. Make the journal entries to record the following transactions for Bryant Company which has a calendar year end and uses the straight-line method of depreciation.

Reference no: EM132821396

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