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Prepare the entry to record the exchange

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Problem - Wild horse Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is $39,200 (cost $50,600 less accumulated depreciation $11,400). The oven's fair value is $23,400 and cash of $4,660 is paid by Wild horse in the exchange. Prepare the entry to record the exchange.

Reference no: EM132961886

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