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Prepare the journal entry to record the transaction

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Reference no: EM133127062

Question - Munirah Bhd exchanged its old equipment with a new equipment to Agma Bhd. The original cost for old equipment was RM100,000, and the accumulated depreciation was RM40,000. The fair value of the old equipment was RM120,000. In addition to the old equipment, Munirah Bhd paid RM30,000 cash to Agma Bhd. The exchange of the equipment has commercial substance.

Required -

1. Calculate the costs for equipment.

2. Prepare the journal entry to record the transaction related to the exchange of equipment by Munirah Bhd.

Reference no: EM133127062

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