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What is the necessary journal entry for the transaction

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Traded in all of used computer equipment with a fair value of $13,200,000., and received in exchange new computer equipment (useful life: 10 years, salvage value: 1,947,040) with a fair value of $8,000,000 plus cash of $500,000. Double-declining method will be used.

Problem 1: What is the necessary journal entry for this transaction? The company uses the straight line method for computer equipment depreciation.

Reference no: EM132729697

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