Business, 30.11.2019 00:31 maylinox4330

Cedric company recently traded in an older model computer for a new model. the old model’s book value was $360,000 (original cost of $780,000 less $420,000 in accumulated depreciation) and its fair value was $400,000. cedric paid $80,000 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.)

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Cedric company recently traded in an older model computer for a new model. the old model’s book valu...

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