On october 1 sebastian company aquired new equipment with

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On October 1 sebastian company aquired new equipment with fair market value of 458,000. Sebastian recieved a trade- in allowance of 92,000 on the old equipment of a similar type and paid cash of 366,000.

The following information about the old equipment is obtained from the account in the equipment ledger: Cost, 336,000; accumulated depreciation on December 31, the end of the preceding fiscal year, 220,000; annual depreciation, 20,000Assuming the exchange has commercial substance, journalize the entries to record.

Reference no: EM13604316

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