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Make the journal entry to record the exchange

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Asset exchange with commercial substance

In 2015, Malawi Inc. exchanged equipment for two delivery trucks. The equipment had been purchased for $95,000 ten years ago and has since been fully depreciated. While the equipment was recently appraised at $22,000, a reliable valuation for the trucks was not available. This transaction has commercial substance.

Question 1: Prepare the journal entry to record the exchange

Reference no: EM132594156

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