Blue Spruce Inc. trades its used machine (cost $11,900 less $4,100 accumulated depreciation) for a new machine.

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Blue Spruce Inc. trades its used machine (cost $11,900 less $4,100 accumulated depreciation) for a new machine. In addition to exchanging the old machine (which had a fair value of $11,000), Blue Spruce also paid cash of $3,200.

Prepare journal entry to record exchange of assets by Blue Spruce Inc.

Related Book For answer-question

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Posted Date: May 18, 2024 03:12 AM

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Blue Spruce Inc. trades its used machine (cost $11,900 less $4,100 accumulated depreciation) for a new machine.

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Accounting Principles

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