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Prepare the journal entry to record the exchange

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1. Cedric Company recently traded in an older model computer for a new model. The old model's book value was $180,000 (original cost of $400,000 less $220,000 in accumulated depreciation) and its fair value was $200,000. Cedric paid $60,000 to complete the exchange which has commercial substance.

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Prepare the journal entry to record the exchange. 

Reference no: EM13999379

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