Details Matter Inc. (DMI) is trading in some equipment for a newer model. The machine given up has a carrying amount of $18,000 (original cost of $24,000 less $6,000 accumulated depreciation) and a fair value of $20,000. It is traded for a new model that has a list price of $30,000. A a trade-in allowance of $12,000 is offered. 

What is the cost of the new machine to be recorded by DMI?

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To determine the cost of the new machine to be recorded by Details Matter Inc DMI we ... View the full answer