Sloan Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an
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Sloan Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000. Sloan also paid $2,000 cash in the transaction. Prepare the journal entry to record the exchange. The exchange has commercial substance.
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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