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What are the journal entries should Durler Company record

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Question - Durler Company traded used machinery plus cash for a new machine. The used machine has book value of $32,000 (cost $66,000 less $34,000 accumulated depreciation). Durler Company indicates that the used machine has a fair market value of $55,000. In addition to the used machine, Durler Company must pay $10,000 cash for the new machine. What are the journal entries should Durler Company record for this exchange transaction if this transaction has commercial substance?

Reference no: EM132961878

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