Question: A Machine with a fair value of N$ 1 5 , 2 0 0 was acquired on 3 1 July 2 0 2 0 for

A Machine with a fair value of N$15,200 was acquired on 31 July 2020 for the exchange of a vehicle. The fair value of the vehicle was N$15,000. The vehicle had a cost of N$32,000 and accumulated depreciation of N$18,000 at the time of the exchange transaction. The fair value of both these assets was clearly evident, as there is an active second-hand market for them.
Required
Provide the journal entries for the above transaction.
Journal narrations is required.

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