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Prepare the journal entry to record exchange for company

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Reference no: EM132833769

Our Company trades in old equipment that cost $121,500, has a book value of $74,500 and a fair value of $65,000.The new equipment has a list price of $141,000. We receive a trade in allowance for the old equipment of $75,000. This transaction has commercial substance.

Problem 1: Prepare the journal entry to record this exchange.

Reference no: EM132833769

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