Demeter Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven
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Demeter Company exchanges an industrial oven for an industrial freezer. The carrying amount of the industrial oven is $31,000 (cost $61,000 less accumulated depreciation $30,000). The oven's fair value is $24,000 and cash of $5,000 is paid by Demeter in the exchange. Prepare the entry to record the exchange.
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Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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