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Prepare the journal entry to record the exchange

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Reference no: EM132619284

Question - Clematis traded one of its lawnmower (cost $2,000, accumulated depreciation $1,200) for another lawn mower with a fair value of $1,300. Clematis also paid $200 to complete the transaction.

Required - Assuming the transaction lacks commercial substance; prepare the journal entry to record the exchange.

Reference no: EM132619284

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