Journal Entry for Exchange of Assets
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Acquired a new packaging machine for four old pacaging machines. The old machines had a total cost of $72,000 and a total remaining book value of $20,000 The new packaging machine has an indicated market value of $60,000 approximately the same value as the four machines. This transaction is deemed to have commercial subtance. How would I post this as a journal entry?
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Solution Summary
The solution provide for journal entry to record exchange of assets.
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Exchange that have commercial substance should be recorded at fair ...
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