krishawnnn
krishawnnn
04.04.2020 • 
Business

Cordero Company exchanges old delivery equipment for new delivery equipment.

The book value of the old delivery equipment is $33,200 (cost $62,800 less accumulated depreciation $29, 600). Its fair value is $18,700, and cash of $7,950 is paid.

Prepare the entry to record the exchange, assuming the transaction has commercial substance.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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