Prepare journal entry to record the exchange for mehta

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Problem 1: Mehta SE traded a used welding machine (cost P9,000, accumulated depreciation P3,000) for office equipment with an estimated fair value of P5,000. Mehta also paid P3,000 cash in the transaction. Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

Reference no: EM132984712

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