On january 1, 2017, frostburg company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. frostburg has recorded depreciation of the equipment using the straight-line method. on december 31, 2019, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $35,000. the transaction has commercial substance. use this information to prepare all general journal entries (without explanation) required to record the events for december 31, 2019.
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On january 1, 2017, frostburg company purchased for $68,500, equipment having a service life of six...
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