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Prepare journal entry with description to record transaction

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Question - Emily, Inc. purchased equipment for $200,000. The company recorded total depreciation of $140,000. On January 1, 2017, Emily, Inc. exchanges the equipment for new equipment, paying $150,000 cash. The fair market value of the new equipment is $250,000. Prepare the journal entry with description to record this transaction. Assume the exchange has commercial substance.

Reference no: EM131711877

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