Prepare the entry to record the exchange of the machine

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Problem 1: On January 1, 2021, a machine was purchased for $20,000. On January 1, 2023, the machine had a carrying amount of $15,700 and was then exchanged for printing equipment with a fair value of $15,000. Assuming that the exchange had commercial substance, prepare the entry to record the exchange of the machine for the computer.

Reference no: EM132739598

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