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On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old equipment of a similar type and paid cash of $300,000. The following information about the old equipment is obtained from the account in the equipment ledger:
cost, $280,000; accumulated depreciation on December 31, the end of the preceding fiscal year, $216,000; annual depreciation, $18,000. Assume the exchange has commercial substance.
a. Journalize the entry to record the current depreciation of the old equipment to the date of trade-in. b. Journalize the entry to record the exchange transaction on April 1. If an amount box does not require an entry, leave it blank or enter "0".
How is this information useful to you from a managerial perspective? Explain your reasoning and support your conclusions with the numbers you have pulled out for the comparison above.
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