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How to record the trade-in of old fixtures for new ones

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Reference no: EM13500142

Community bank traded office fixtures. Here are the facts: Old fixtures cost $96,000 and have an accumulated depreciation of $65,000. The new fixtures were paid in cash for $103,000 plus the old fixtures. Need to figure out how to record the trade-in of old fixtures for new ones.

Reference no: EM13500142

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How to record the trade-in of old fixtures for new ones : Community bank traded office fixtures. Here are the facts: Old fixtures cost $96,000 and have an accumulated depreciation of $65,000. The new fixtures were paid in cash for $103,000 plus the old fixtures.
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