Mayfield, Inc., has the following plant asset accounts: Land, Buildings,

Mayfield, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Mayfield completed the following transactions:

Traded in equipment with accumulated depreciation of $65,000 (cost of $132,000) for similar new equipment with a cash co


Requirement

1. Record the transactions in Mayfield’s journal.

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