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Write the journal entry for this exchange

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Question - Hardin Company exchanged used printers with Arlington Corporation and received $120,000 in cash and used computers with a fair value of $360,000. These printers had book value of $450,000 (cost of $600,000 and accumulated depreciation of $150,000) on Hardin's book and currently have a fair value of $480,000. Write the journal entry for this exchange under the following two independent scenarios. (1) The transaction has commercial substance. (2) The transaction has no commercial substance.

Reference no: EM132940881

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