Question: Current Attempt in Progress In an exchange that had commercial substance, Bonita Company traded production equipment for a newer model and gave $5000 cash. The

Current Attempt in Progress In an exchange that had commercial substance,

Current Attempt in Progress In an exchange that had commercial substance, Bonita Company traded production equipment for a newer model and gave $5000 cash. The original machine had a cost $1225000, a book value of $989000, and a fair value of $1062000. The journal entry to record this transaction on Bonita's books is

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