Question: Current Attempt in Progress Windsor Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $9,280 plus trade-in, f.o.b.factory.

Current Attempt in Progress Windsor Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $9,280 plus trade-in, f.o.b.factory. Windsor Inc. paid $9,280 cash and traded in used equipment. The used equipment had originally cost $71,920; it had a book value of $48,720 and a secondhand fair value of $55,448, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,276

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