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Prepare the required entr to record the exchange

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Reference no: EM132606502

Question - Asset exchange

Arabia Inc. traded its fleet of rental cars for a new fleet. Two thirds of the old fleet's original cost of $375,000 had been depreciated. The new fleet is valued at $500,000 and Arabia was required to make a cash payment of $400,000.

Instructions - Prepare the required entr(ies) to record the exchange.

Reference no: EM132606502

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