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Brands resources traded an old machine for a new machine

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Brands Resources traded an old machine for a new machine. The book value of the old machine was $150,000 (original cost $320,000, less accumulated depreciation of $170,000). The fair value was $180,000. Brands Resources paid $20,000 to complete the exchange.Prepare the journal entry to record the exchange.

Reference no: EM13602510

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