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morpeh [17]
3 years ago
10

A company purchased equipment valued at $120,000. It traded in old equipment for a $95,000 trade-in allowance and the company pa

id $25,000 cash with the trade-in. The old equipment cost $110,000 and had accumulated depreciation of $33,000. This transaction has commercial substance. What is the recorded value of the new equipment
Business
1 answer:
Zepler [3.9K]3 years ago
8 0

Answer:

$120,000

Explanation:

Data provided in the question

Purchase value of an equipment = $120,000

Trade in allowance = $95,000

Paid cash = $25,000

Cost of an old equipment = $110,000

Accumulated depreciation = $33,000

So by considering the above situation, the recorded value of the equipment is $120,000 as the cash is paid for $25,000 and the trade in allowance is $95,000

So it would be equal to the purchase value i.e $120,000

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