Solution-Prepare the entry to record the exchange

Prepare the entry to record the exchange

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Reference no: EM13538497

Edmund Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair value is $19,000, and cash of $5,000 is paid. Prepare the entry to record the exchange, assuming the transaction has commercial substance.

Reference no: EM13538497

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Prepare the entry to record the exchange

Reference no: EM13538497

Reference no: EM13538497

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