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How prepare all entries that are necessary at april

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Reference no: EM132594150

This is a monetary exchange with a gain or loss

A machine cost $40,000, has annual amortization expense of $8,000, and has accumulated amortization of $20,000 on December 31, 2006. On April 1, 2007, when the machine has a fair value of $16,000, it is exchanged for a similar machine with a fair value of $44,000 and $28,000 cash is paid.

Question 1: Prepare all entries that are necessary at April 1, 2007

Reference no: EM132594150

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