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Prepare entries that are necessary at April

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Question - A machine cost $231,600, has annual depreciation expense of $46,320, and has accumulated depreciation of $115,800 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $92,620, it is exchanged for a similar machine with a fair value of $290,600 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare entries that are necessary at April 1, 2018.

Reference no: EM132568272

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