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Prepare the entry to record the exchange of assets

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Question - Flint Co. exchanged old trucks (cost $63,500 less $19,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair value of $39,900. Prepare the entry to record the exchange of assets by Flint Co.

Pina Colada Inc. trades its used machine (cost $11,100 less $3,700 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $10,100), Pina Colada also paid cash of $2,600. Prepare the entry to record the exchange of assets by Pina Colada Inc.

Reference no: EM133102192

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