Reference no: EM133137205
Question - Creative Inc. purchased a new manufacturing equipment on April 30, 2020, by trading in its old model and paying the balance in cash. The following data relate to the purchase:
List price of new equipment $31,600,
Cash paid 20,000,
Cost of old equipment (five-year life, $1,400 residual value) 22,400,
Accumulated depreciation on old equipment (straight-line) 12,600,
Market value of old equipment in active secondary market 10,400.
Required - Assuming that Creative Inc.'s fiscal year ends on December 31 and depreciation has been recorded through December 31, 2019, prepare the journal entry(ies) that are necessary to record this exchange.
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