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How ABC Co record the exchange in its journals

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Reference no: EM132545381

Question - In an exchange with commercial substance, ABC Company traded equipment with a cost of $8,200,000 and book value of $3,120,000 and gave $4,698,000 cash. The old machine had a fair value of $2,960,000.

Instruction - Show how ABC Co. record the exchange in its journals and explain your calculations.

Reference no: EM132545381

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