Question: In 2015, Global Millwrights purchased a milling machine for $4,000, debiting Milling Equipment. During 2015 and 2016, Global recorded total amortization of $2,000 on the

In 2015, Global Millwrights purchased a milling machine for $4,000, debiting Milling Equipment. During 2015 and 2016, Global recorded total amortization of $2,000 on the machine. In January 2017, Global traded in the machine for a new one with a fair market value of $4,200, paying $2,700 cash. This exchange transaction has commercial substance. Journalize Global Millwrights' exchange of machines on January 15.

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