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Alex787 [66]
3 years ago
11

Metro Company trades its used machine for a new model at Denver Solutions Inc.

Business
1 answer:
zalisa [80]3 years ago
4 0

Answer:

Cost of new machine:

= List price of new machine - Trade allowance + Fair value of old machine

= $16,000 - $9,000 + $6,000

= $13,000

Therefore, the journal entry is as follows:

Cost of new machine A/c                                Dr. $13,000

Accumulated depreciation (Book Value) A/c Dr. $4,000

Loss on exchange of machine A/c                  Dr. $2,000

         To Old Machine (Book Value)                                  $12,000

         To Cash (16,000 - 9,000)                                          $7,000

(To record the machine exchange)

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