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alexandr1967 [171]
3 years ago
8

Cedric Company recently traded in an older model of equipment for a new model. The old model’s book value was $252,000 (original

cost of $552,000 less $300,000 in accumulated depreciation) and its fair value was $280,000. Cedric paid $68,000 to complete the exchange which has commercial substance. Required:
Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
vfiekz [6]3 years ago
7 0

Answer:

Explanation:

General Journal

Dr Cr

Equipment - new 348,000

Accumulated depreciation 300,000

Cash 68,000

Equipment - old 552,000

Gain 28,000

Workings:

Equipment – new ($280,000 + 68,000) = $348,000

Gain ($280,000 – 252,000) = $28,000

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Explanation:

Given :

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Answer:

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