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Prepare journal entries for goodman to record the exchange

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Question - Goodman Company acquired a truck from Harmes Company in exchange for a machine. The exchange is determined to have commercial substance. The machine cost $30,000, has a book value of $6,000, and has a market value of $9,000. The truck has a cost of $12,000 and a book value of $8,000 on Harmes' books.

Prepare journal entries for Goodman and Harmes to record the exchange.

Reference no: EM132031052

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