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Prepare journal entry to record the exchange of equipment

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Reference no: EM132495079

Karley Company exchanged old equipment for new equipment on July 1, 2014. The old equipment had cost $210,000 and had $132,000 of accumulated depreciation as of July 1, 2014. The fair market value of the old equipment was $ 70,000. The company had to pay a cash amount of $ 160,000 to complete the transaction.

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Question 1: Prepare the journal entry to record the exchange of the equipment

Reference no: EM132495079

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