Question: Kingbird Company traded a used welding machine ( cost $ 1 2 , 7 8 0 , accumulated depreciation $ 4 , 2 6 0

Kingbird Company traded a used welding machine (cost $12,780, accumulated depreciation $4,260) for office equipment with an estimated fair value of $7,100. Kingbird also paid $4,260 cash in the transaction.
Prepare the journal entry to record the exchange. (The exchange has commercial substance.)

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